Hi All,
I'm really hoping someone can please help as I cannot get my head around this situation.
I owned a home for 12 years which I have just sold. Its the only home I have ever owned. However, I only lived in this home for 5 of the 12 years. For the other 7 years I moved back in with my father (he needed care help), and so I rented my house out. The sale has just gone through now for my house.
Do I need to pay CGT on the sale of this house? The gain I have calculated is £50,000. (I am a higher rate tax payer).
If I do need to pay CGT on the sale of the house, do I then get 5/12 Private Resident Relief?
Do I get any letting relief as well?
Apologies if the above scenario is simple, but I cannot get my head around the HMRC guides regarding this. Any help would be greatly appreciated.
Many thanks
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