I was hoping to move house , do I pay CGT ?

[dorset_teach]

Can anyone give general advice or point me in the direction of a good document that will explain for me ?

I Moved into my house in 1995 and paid £103 k.

In Aug 1998 i took a contract in the Middle East for 3 years and rented the UK property intending to return.

After 9 months we asked the tennants to leave and my family returned to live in UK and my kids went back to UK school etc, intention that I would return and give 6 months notice in the Sept. We moved furniture back from storage and paid council tax etc.

In October we all decided to go back to the Middle East where we stayed and again rented the house for a period of 21 months to June 2001 when my family returned to the property an again tennants given notice.

Since July 2001 we have lived there as permanent residence.

We want to move house and have had an offer of £260 k. We just realised taht we might have to pay CGT on the increase.

Can anyone give general advice, or point me to a document that might help ?

Your help would be appreciated.

Thanks


Brian

[dean.power@wilfredtf]

Brian,

As the periods you were away from the property are both preceded and followed by periods of actual occupation, the entire period of ownership will be exempt and therefore no CGT will be payable.

[dorset_teach]

Thank you very much for the advice.

Brian