I am preparing the CGT calculations on the sale of a dwelling house for a 2017-18 Self Assessment return. Can you please clarify the interaction (if any) between CGT exempted periods on account of absences and the declaration of rented periods during the absences.
If a Private Residence is exempted from certain years’ CGT on account of the owner’s absences (section 223 of TCGA 1992) and the property is rented out during some of those absent years, do these lettings ‘undo’ the absent years’ PRR exemption from CGT? The home owner rents accommodation elsewhere while absent.
The answer is not clear to me. Does anybody know – and, even better, can point me to the HMRC manual or relevant legislation?
I ask this because I gain confidence from the fact that a Private Residence, even if rented out in the final 18 months of ownership, remains 100% totally exempt from CGT for those 18 months.
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