CGT on sale of let property Non Resident

[aspired]

HI, Been searching around and can't find any answers to my complicated questions

I have been outside UK&EU since Jan 07 and since that date my property has been let, I am registered as a non resident landlord, property was purchased in Feb 02 and I lived in the property until leaving the UK. This was and still is the only property I own anywhere in the world.

I know the CGT exempt for non residents was abolished so now CGT is due on any gains made after 5 April 15, period up until then is still exempt if non resident (calculated using rebasing or apportionment).

Now in the latest budget Lettings Relief will go from April 20 (which was lowest of either same amount as PRR, 40K or same as chargeable gain), and the final period of ownership exemption of 18 months is now reduced to 9 months. (Q1) Is this all correct?

In the examples below I have tried to working out what CGT for selling a property might be after April 20, assuming I remain non resident.

(Q2) Can I still take off PRR private resident relief for the time I lived in the property? ie 5years + the 9 months final period exemption, even though the time I was living in the property was before 5 April 15.
For example, if the gain from 5 April 2015 to sale date is calculated at 40,000, could I then take off the PRR + 9 months say 20,000, and then take off the annual allowance AEA? So in this example it would could be 40,000-20,000-11,700=8,300 taxable.

(Q3) After the AEA if all the personal allowance is not used could that also be used to reduce the CGT tax? using the same example of 8,300 CGT taxable, if there was say 5,000 left of the personal allowance could that be used to reduce the taxable amount to 3,300. And then that is the figure taxed at 18%.

Its very complicated to work out, the hmrc website has calculators to help for the current rules but nothing to help work out what it will be in the future with the new rules. Basically I am trying to decide if I should (reluctantly) sell the property before April 20 or not?

Thank you for any advice.

[AdamS93]

Q1- sounds about right but I haven't delved into the new finance act yet.

Q2 - you will only get PPR for periods of deemed or actual occupation AFTER 5th April 2015 unless you elect to be taxed on the whole gain which will probably not be beneficial.

You work out the period between 5th April 2015 to the date of sale. PPR relief will be available for a proportion of that period.

Q3 - unfortunately you cannot offset any unused personal allowance against capital gains.

[aspired]

Thanks AdamS93.

Q2, I had misundertood this in my calculations from even before the April 20 changes, But I have also just been told by HMRC...

"...establish whether you are going to calculate any capital gain by either using the rebasing, time apportionment methods or by calculating the gain over the whole period of ownership...if you use the rebasing method then as you were not resident in the property since then you can only claim either the final 18 or 9 months exemption, depending on the date of the disposal. If you choose not to use the rebasing method you can claim Private Residence Relief for any period you lived in the property whilst you owned it plus the final 9 or 18 months of ownership (depending on the date of disposal) plus any Lettings relief (provided the sale was before April 2020). "

Sound like they are saying can use PRR for period of residence + 18/9 months if gain is calculated using the apportionment method, but only 18/9 months final period not if using rebasing method, is that really right ???

Thank you.