The tax implications will be a tax on the gain of the sell. If you sell for more than your cost then you have a gain and that is subject to tax.
You may have to pay Capital Gains Tax when you sell (or ‘dispose of’) your UK home if you’re not UK resident for tax purposes. This applies if you sold your home after 5 April 2015 because the rules changed.
In most cases you won’t have to pay tax if you sell your home before 6 October 2016. You must have lived in it as your only or main home at some time before 5 April 2015.
This is because:
If the gain did not change much from 5 April 2015 till you actually sell then you would not have to worry about much tax.
If you did not use it for any other purpose (no letting) then you can use Private Residence Relief. If you have used it for letting then you can have some of the relief applied but not all.
You don’t pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:
Then you will not be allowed to claim the full amount for Private residence relief.
Because you left the UK you have to know what the house was valued at on 5 April 2015. You paid £260k back in 2005 but the gain is just assessed from 5 April 2015.
Once you know that then you can apply the tax free allowance amount. From 2015 to 2016, non-residents who dispose of a UK residential property will be liable to Capital Gains Tax and, in most cases, will be able to claim the Annual Exempt Amount in the same way as for UK residents.
The first £11,100 of the gain is not taxed. Then you can claim a portion of the Private Residence Relief based on your actual use time.
Example You make a gain of £120,000 when you sell your home, which you owned for 12 years. You lived in the whole property for 6 years, then you let it out in full for 6 years.
You get Private Residence Relief for the time you lived there (6 years). You also get relief for the last 18 months you owned the property, even though you weren’t living in it.
This means you get Private Residence Relief for 7.5 of the years (62.5% of the time) you owned the property.
You get Private Residence Relief on the same proportion (62.5%) of your gain. This means you won’t pay tax on £75,000 of the gain.
The remaining 37.5% (£45,000) of the gain not covered by Private Residence Relief is your chargeable gain.
I cannot tell you a specific tax for you because you have not said what the house valued for in 2015.
You also have letting relief that can be up to £40,000.
Unless the property shot up in value form 2015 till you sell you may not have any tax.
If you sell for 460k and the value was 420k then your gain would be 40k (that is not considering any cost to sell that could reduce that further).
The first £11,100 of the gain is not taxed. Then you can use the letting relief so you would not have any tax to pay.
If you rate in a positive way (look for the STARS or SMILEY FACES) I am credited with responding. It adds nothing to your costs but it assists me.