Keith Thank you for your answer.
Still a bit Confused
If I have occupied the flat for 58 months and let it out for 26 should the last 18 months ( which are deemed occupation) become part of the occupation total
i.e Occupied for 58 months
Rented out 26months (reduces to 8 as last 18 months is deemed occupation)
Therefore - 84 - 6 = 76 is the amount Private relief is allowed for
as percentage this means that 10% is liable for CGT
So if 51.3K is subject to CGT means circa 5K bill before Lettings relief (not sure how this works)
I would be grateful for this clarification
Letting period was 26 - 18 = 8.
Total ownership period was 28 + 56 = 84.
84 - 8 = 76.
8/84 is say 9.5% so that is the proportion of the gain subjsct to CGT.
9.5% of 130K is say 12.3K.
Deduct AEA or LR leaves nil [LR assuned at maximum] liable to CGT.
Sorry I added instead of subtrcted. Must be the jet lag moving from the UK to the Far East.
You should escape UK CGT, but will be ilable for Oz Income Tax on the 130K.