Hi, I'm hoping someone a bit more money savvy can help me. In Aug 2013 we bought a home for 245k. We spent about 50k doing it up and adding an extension. We are currently living overseas and return in summer 2021 but don't plan to move back in to our home, instead we wish to sell the property and use the money towards a deposit to a bigger home, alongside the money we have saved abroad.
It will be worth about 425k (obviously market dependent but very popular area and this is what done up houses in the area are currently going for).
To complicate things a little, we will have been working overseas for the last 2 years and have let our house out for that time. We also let our house out for 1 year in 2015. So for 5 of the years it has been our main residence where we lived, and 3 years it was let to others.
Will we owe CGT? If so, is anybody able to help me figure out roughly how much this bill would be? Would we save on CGT if we moved back into the house for a period, or will it not make much difference now?
When we get back we will get an accountant, but just for our future planning it would be great to have an idea of if and what we owe.