gregorygarver.com

[VOLLEYBALLY]

I own and have owned a flat for 5 years in scotland. I lived in it for the first two years and then moved out and rented it out for the last 3 years. In these years I have used an official UK correspondance address at my parents however between working and travelling i have only been it the uk perhaps 150 days in last 3 years. I am actually spending most of my time in the US. I have not changed my UK residence status as I am still employed by a UK company and pay UK PAYE even though my job is based outside the UK.If I sell my flat now which has been the only one I owned am I liable for capital gains tax. Is there a rule that allows me a 'relocation period' for last 3 years???.Any help or advice would be greatly appreciated.

[jeff410]

The 2 years that you lived in the flat and the last 3 years of ownership will qualify for Private Residence Relief - so there will be no chargeable gain.If the period that you haven't lived there is a little more than 3 years, that gain would probably be covered by Letting Relief (I assume you have been declaring the rental income?) - so still no Capital Gains Tax to pay.