Capital gains tax on Primarry residence - How long?

CL

Hi all

I have a house which is my primary residence. I am currently living in it but plan to rent it out at some point in the future. My question is how long do I have after I move out of the property to sell it before I would have to pay capital gains tax on it?

Thanks

CLAPTON

you get the period of PPR plus the last three years.
How if its let out you can also get letting relief to a maximum of 40,000

Murdina

if you manage to move back in after for even just a few months such that it is your residence again, then an absence of up to 3 years can be disregarded. That is in addition to any letting relief mentioned above, but moving back in is crucial.
If you are living away because of your job and move back, the period is 4 years. If the terms of your employment then require you to live elsewhere, you may be able to dispense with the living there again bit. Hope that makes some sense.
You cannot elect for another house to be your main residence during these absences by the way.

CL

CLAPTON wrote: »

you get the period of PPR plus the last three years.
How if its let out you can also get letting relief to a maximum of 40,000

Thanks CLAPTON not sure what you mean though, what is the period of PPR is that how long I have lived here e.g I've lived here for two years so I get 2 + 3 years giving me 5 years to sell it after I have moved out with no capital gains tax?

jimmo

Have a look here. It really is all there and its official.
http://www.hmrc.gov.uk/helpsheets/ir283.pdf