Thanks for your response
Could you advise whether -
Is the Job related accommodation job still ongoing or due to cease
If due to cease where will you move to and why can you not return to this property
When did you leave this property to move into job related accommodation
When did you purchase this property and it was it always your main residence until leaving for the job related accommodation
Did you let out the property and if so has the rental income been declared to the tax office
Confirm that you live within the Uk tax jurisdiction now
Thanks for your response and the additional information
Then as you have been abroad (be in though in the UK from Guernsey ) then the time you lived there plus 4 years plus the last 18 months/ total period of ownership will form an exemption (so in essence gain x 126 months/ 300 months
Plus you will be eligible for private lettings relief which allows up a furtehr exemption of £40,000 max
Then if the property is in joint names you each have an annual exemption of £11,100 and then if any chargeable gain remains, this will be liable to capital gains tax.
BUT IF you return to the property even just to sell - then the whole gain will be exempt as you live din job related accommodation for your work - so this is certainly worth considering to avoid any charge at all.
There is sometimes scope for you to be treated as fully exempt under these conditions of job related accommodation when you do not return to the property but this isi when an individual is relocated due to work (and not retirement) and therefore cannot take up the geographical located property.
Then resume life in the UK with perhaps a property purcahse along with the sale - or the ability to take your time with a purcahse at your leisure!
Let me know if I can assist further - or if you have all that need then it would be appreciated if you could rate me for the level of service I have provided (or click accept)
In this instance any time would do (unlike other capital gain situations) because for you to have this additional 3 years you just have to return to the property - but I would perhaps advsie stay at least until the property has been put on the market - so HMRC can see the intent to sell has been established
HMRC state that up to 3 years exemption (so additional private residence relief) can be given for time spent working away from the property in question - but you have to return back to the proeprty for this exemption to arise
Thanks for your question
No you need to go and live in it after you have retired as already advised, its not enough to stay whilst still working ( as this would just be treated as a holiday!)