Tax question

Landlord Expert
By Landlord Expert July 4, 2013 13:10

Hi, I have a question about my tax obligations, grateful if anybody knows the answer.

I and my wife own a property that for 7 years was our family home. We moved out three years ago because my work took me elsewhere in the UK where we currently live in a rented home. We have been renting out the original property since, paying income tax on the meagre profit it affords.

This temporary job I have moved to looks like it may continue for another year or so at which point we will consider selling the property to buy a larger one to move our family back into, so it will again become our primary place of residence. That will mean we have rented it out for approximately 4 years.

Am i liable to capital gains tax when we sell that property? Am I correct in thinking that there may be a grace given to paying capital gains because we temporarily let it out due to moving away for work?

Many thanks in advance for your responses.

Landlord Expert
By Landlord Expert July 4, 2013 13:10

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