regd Capital Gains on disposal of previous main residence

[kogantivijay]

I am a bit novice w.r.t govt regulations and would need your expert advice.

Usecase : we (joint ownership) have bought a Flat in April 2014 for £210000 and it was our main residence until March 2017 (i.e total of 36 months) subsequently we have bought another house in April 2017 by paying extra 3% Stamp duty and we would be using it as our main residence going forward and we have converted the previous main residence to Let-To-Buy and letting it. we intend to sell my previous main residence (i.e currently rented property) in 2 years time (i.e 24 months on rent) for estimated price of ~£340000 (assumption for calculation purpose) and the estimated profit of £130000 (ignoring minimal expenses for simplicity) and Total ownership of property is : 60 months. My questions are :

1. Will we be able to claim my extra 3% stamp duty that we paid for our current main residence after disposing the previous main residence which we have rented last 2 Years ?

2. Will i/we be eligible for the Private Residence relief, if so how much ?

3. Will i/we be eligible for the Lettings Relief, if so how much based on above calculations ?

4. How much would be our Individual Capital gains after disposal of previous main residence?

Thanks a lot for taking time to read it and especially for answering it. Would be very helpful if you can answer the above questions.

Regards

Vijay

[maths]

1. Will we be able to claim my extra 3% stamp duty that we paid for our current main residence after disposing the previous main residence which we have rented last 2 Years ?

In principal yes but conditions need to be satisfied eg must sell original property within 3 years of completion of the new purchase.

2. Will i/we be eligible for the Private Residence relief, if so how much ?

Yes. 117K.

3. Will i/we be eligible for the Lettings Relief, if so how much based on above calculations ?

Yes. 13k.

4. How much would be our Individual Capital gains after disposal of previous main residence?

No CGT charge arises due to the above reliefs.