CGT on property lived in then let out and now selling on divorce to become family home?

[Wiltshire]

Hi I have a flat in London (bought in 2004 for 165k) now worth 340k. I lived in it for the first 3 years and then was transferred to Wiltshire for my job so it has been let out since. I now need to sell the property to release capital to buy a new house for myself and my son after separation / divorce. Does CGT apply if it was my main residence and the mortgage will be transfer d to a new main residence - just with a gap of 10 years!
Thanks

[pawncob]

4.5/13 ths of the gain is PPR and you'll get letting relief as well. If the job came with related accommodation, then the whole gain could be exempt.

[maths]

pawncob

Why wouldn't s223(3)(c) apply to a 4 year period of absence?

[pawncob]

maths:

It does, but he'll still get 4 years exemption.

[maths]

Why not 3+4+1.5?

[pawncob]

Because it's 4.5 + 4

[SteLacca]

Question of interpretation. The legislation refers to "Any period of absence not exceeding 4 years......", but does not restrict exemption to "A period not exceeding 4 years". I would suggest that where the period of absence exceeds four years it is not caught by S.223(3).

[pawncob]

CCAB statement TR 500 10/03/1983 says it's limited to 4 years in total.

[SteLacca]

That's as maybe, but it's still not quite the same as the legislation restricting S.223(3) to a period of absence not exceeding 4 years...

[maths]

But your original post shows 4.5/13 not 8.5/13?