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TaxRobin
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Experience:  International tax
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I bought a house in 2000 for 150K.Left the UK and became

Customer Question

I bought a house in 1999 for 150K. Left the UK in 2002 and became non-taxpayer until early November 2013 when I returned as a UK tax payer. We let the house out throughout that time and it was vacated by tenants in march 2014. We did not move back into it at any stage after leaving the UK. I bought another house as our main residence in December 2013. The original house is about to be sold for £290K. How much relief will I get on the capital gains, having lived out of the original house and country for the best part of 12 years?

Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello,
You would be allowed Letting Relief on the gain from the sale.
The maximum amount of Letting Relief due is the lower of:
£40,000
or
the amount of gain you've made on the let part of the property

Your gain would be the difference in 150K and the £290K which is £140k.
Your letting relief would be £40k leaving you with £100k that is exposed still for CGT.

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