Can someone explain whether I would be liable for Capital Gains Tax please?

[weatherwhirl]

Hi... I want to move away from London to be nearer family. I am thinking of renting out, rather than selling, my flat - in case I want to move back to the city in the future (most likely for work).

I can't afford to buy a second property in the new location (in England) so would have to rent a home. Would I be liable for CGT when it comes to selling the London property - ie. would my rented place count as a second home for CGT purposes even though I don't own it?
Thanks in advance....

When you come to sell, if there's a CGT liability you only have 60 days from completion to submit the CGT return online and pay the CGT due. So best get your accountant on board before you sell it as that's a very tight timescale to get the HMRC personal tax account/govt gateway to be set up and for the accountant to do the numbers.

thanks @ChilliBandit - I will be sure to enlist the services of an accountant. It all sounds very complicated. If I do let it out, I plan to pay for a full managed letting service from my local letting agent, so that they take care of everything, as I will be living in a different part of the country. I'll get landlord insurance too, including rent guarantee insurance, although the letting agent also offers rent guarantee services for an extra payment.

I won't be left with much, if anything, after paying everything out, plus all the expenses specified by the letting agent for electricity safety tests etc, and may make a loss, especially if I have long void periods, but my reason for renting it is to keep a foot in the London market.

Thanks also @Badbadbunny - although I don't think I will be liable for CGT for 9 years (as that is how long I have lived in the flat), but I will be prepared for any payment and will be able to make it as I will budget for it. For all my ineptitude at maths, I'm disciplined when it comes to money - at least that's according to my bank manager!!

Oh gosh, yes, I hadn't clocked that it was now only if you also live there. Apologies OP, I was a couple of years out of date and didn't spot the change as I read what I was expecting rather than what was actually happening.