Hi all,
I am a UK tax resident and I own a property abroad (EU) in which I lived before I moved to the UK 7 years ago. The property had been gifted to me prior to my move in 2004. The property is empty at the moment and I keep paying the service charge and the bills. I had it let for 12 months but the rental income didn't go over £1,000 in a tax year therefore no foreign income was reportable, nor UK tax was due to be paid.
I don't own a property in the UK, I've been renting this whole time.
My questions is: if I sell the aforementioned property, am I liable for the CGT on the profit that I make from the sale? I don't suppose it can be classed as my main residence as I haven't lived there in 7 years. However, it's not a buy-to-let property nor it is a second home that I own.
I would be most grateful for any advice.
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