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After 5th April, is there any way that I could come back and live in the property so becoming a UK resident again? If so, how long would I have to reside there for? Would my husband have to sign the house over to me before we sold it, instead of it being jointly owned ?
Also, how much CGT would we have to pay please?
Thank you for your reply.If you were to become UK resident for tax purposes once again, then all period the property remains as your main residence would be covered by private residence relief against CGT.Bearing in mind, the last 14 years the property has been let, you would have to spend a good few years as your main residence to mitigate CGT because at present around 62% of the gain would be chargeable, if you were to main this house your main residence again.
If you sell before 5 Apr 2015 there is no CGT payable.
If your husband remains non resident then gain from 6 Arp 2015 to point of sale only would be considered for CGT purposes. If it is your intention to live abroad, then you should be concerned about gain from 6 Apr 2015 (property valuation on that date) only as gain to 5 Apr 2015 would escape CGT.You may wish to perform some rough calculations before you consider your next move.I hope this is helpful and answers your question.
So if our house now is worth 500,000 pounds. How much tax would we be paying before 5th April 2015 and after 5th April 2015 please?
Thank you, ***** ***** eased my mind. We bought the place in 1993 for 93,000 pounds, its valued now at approx. 500,000. If we were to sell now, what tax/expenses would be payable please?
If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.
Thank you, ***** ***** most helpful.