Victor Meldrew

Scenario:
1.Been away from UK since 2001, planning return July 2013
2.I owned a house which I had lived in prior to moving overseas
3.I rented that house out until 2003 then I sold it and bought another (all whilst being overseas)
4.I still own the house I bought in 2003 which I have sporadically rented out and sometimes rented rooms out. Sometimes it has been empty. I have rented out rooms in the house now for about a year and a half and also stay in the house when I go back for holidays (total around 10 weeks a year)
5.It is the only house I own in the UK

Q. 1 - If I live in the house when I return in 2013, how long do I have to live in it before I am exempt from paying CGT on it?
Q. 2 - Is this house classed as my main residence as I bought it whilst overseas and non-resident or is it classed as an investment which I have to pay tax on?
Q. 3 - Where else might I get this information?

Thanks - Victor

csdf

Aren't you exempt from CGT after 5 years' continuous absence from the UK? If that's right, you might as well sell it before you return.

Wub

You have a tax allowance each year. If the annual rent doesn't go above your tax allowance, then you won't pay any income tax for the fiscal year.

As you work overseas, I don't think you are liable for tax on income not earned in the UK.

You are however liable for tax on income generated within the UK.

You need to look up residency requirements to find out how many weeks you're allowed to stay in the UK before you become liable for income tax. I think you'll probably find that you'll be fine as you won't take up residency again before the April cut off point which is the start of the new financial year - each year.

Similarly, any savings held in accounts in the UK will automatically have tax deducted when interest payments are made into the account.

Meow

Victor Meldrew

Feel free to email me.