Movement between properties, letting and CGT implications

[rolo]

I lived with my (then) wife in a shared home for 14 years (cost in 1984 £67K). We then seperated and I purchased another house (£145K) which I lived in, my wife remained in the first property. Five years later and we are recently divorced, and I am now the sole owner of the first property.
If I elect the first house as my main residence, and let the second house would this enable me to sell the second house in 3 years with no CGT.

Also when I sell the first house how would I calculate the CGT on that property.

Current valuation on both properties circa £300K

[Ian McTernan CTA]

In order to answer this query, please explain how you came to own the first property outright, ie. how was your wife's half share transferred to you, at what value, and when, ie. before or after divorce became final or as part of the settlement.

You may wish to email these details directly rather than post out in public view, in which case my email address is below.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com