Hi! First time poster but long time mumsnet lurker. Hoping someone might be able to answer a question I have surrounding capital gains tax.
My husband is a UK civil servant and due to his current job role we have been living overseas for the last 4+ years. We own a property in the UK which we lived in prior to moving (approx 15 months) and then it has been rented to tenants for the duration that we've been away. I have been filing tax returns each year with HMRC and it is our only property.
We are due to move back to the UK later this year and for a variety of different reasons are looking to sell this property and buy another. Due to the current stamp duty holiday and speed the market seems to be moving post lockdown, we think it’s a good idea to put the property up for sale now, even if we haven’t yet found anything to buy.
However this issue of capital gains tax has been raised and we’re unclear as to whether that’d be something we’re liable for. I have read different things online which have confused me, and it looks like we could be exempt from this due to my husband being in an overseas post for his job. If anybody could help I would be most grateful.