If I let out property, formerly my own home, then sell later, will I pay CGT based on original purchase price?
Technically yes - but only on a proportion of the total gain. The period relating to your living there is exempt from CGT, as is a further three years (based on an old assumption that it may take you a long time to sell). There are further exemptions depending on your circumstances - eg if you are employed abroad or working away from your home town for certain periods. It is more complicated if you own a second home as well, in which case you should get specific advice - or put more details on here and I`ll try to help!
Lorna - I tried replying to your email but cannot. If you email me directly (guiltguido .com) I will reply in further detail. No valuation required!
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