Hi,
I'd be grateful for advice.
The scenario:
Property A bought in 1995 in London (main and only residence). Job relocation in 2000 to Devon. Tried to sell property A and rented in new location. Unable to sell A so rented out property from April
2001(wife and kids moved out at this time to join me in Devon). Fed up with renting in Devon so bought second property B in May 2002. Tenants have left Property A and am planning to sell it.It was my main residence for over 5 years. It ceased to be, because of relocation, in April 2001 (i.e. when wife moved out).
Am I liable for CGT on the original property A given that it hasn't been my main residence since April 2001? Am I allowed a period of time to sell my original "main" residence before I'm liable for CGT? How will I be taxed on any profit when I come to sell residence B?
Thanks for your help,
Mark