I bought my UK house in 2005 for £190,000. In 2007 I was posted by the civil service to France and remained there after my retirement in 2014, having kept the UK house as my main residence. In Dec 2014 I jointly bought a house in France with my French partner, declaring this as my main residence to the French authorities.
I am now thinking of letting the UK property from the end of this year and would like to know my position regarding CGT when I come to sell it in October 2020 as the interest only mortgage will then terminate. I am advised that the present value is around £260,000
I am also confused as to when I need to declare the rental income to the UK tax people. So far my income has never required self assessment and I have no income arising in France. The rental income will be £740.00 per month.
Any advice would be welcome, and thank you.
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