Selling house whilst living abroad...

(2 Posts)
dilbertina Fri 11-Feb-11 18:27:19

Hello all, wasn't quite sure where to post this so bunged it in "money matters". I am hoping someone here might have some experience of this though!
link here

OP’s posts: |
minipie Fri 11-Feb-11 18:36:23

Caveat: I am not an expert but reasonably sure the following is correct:

If it is the only house you own, and you moved out less than 3 years ago, you should be fine (i.e. no CGT). Fact you live abroad isn't relevant.

The Principal Private Residence exemption means you are not charged CGT on your principal residence (rented doesn't count), on any gains in value during the time you live there AND during the 3 years before you sell it. So if you sell within 3 years of moving out, and don't own anywhere else, then no CGT.

(There is also an exemption which covers any time you have it let out, but that is more complicated and I don't think you need it given the above).

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