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DP and I have lived in Europe for the past year and a half. We currently rent out our flat in SW London. However, we are moving back to London in 6 months. I am due a baby in four weeks so our flat will be quite small and we have already decided we want to sell and buy something bigger in the countryside. In an ideal world, we would sell the flat in London and rent a much cheaper place in the area we want to live in (at a fraction of the cost). We want to avoid paying the capital gains tax of 18%. Any ideas how we can get around this or do we have to move back into our flat in London initially?
There are lots of allowances, etc that you can claim if you let out your private residence, so there may not be any CGT to pay
I would pay an accountant to run the figures for you - PM me if you want