Main residency definition

Hello, If i own a property, rent it out and rent another house myself do I need to pay capital gains tax when i sell it since i only own one house? If the answer is yes, how long do you need to live in a property you own for it to be exempt from CGT? And can you live elsewhere for a period of time due to your working location? Thank you

Hi,
Possibly.
Please refer to Capital Gains Tax: what you pay it on, rates and allowances
Thank you.

Not HMRC...yes its liable to CGT. (Its also liable to income tax on income less expenses (and mortgage tax credit) throughout letting period on annual basis). There is no separate period you need to live in a property you own which makes it exempt. The calculation is the number of months lived in / total months owned as the exempt period, the period you let it out will always be liable, the fraction of the gain charged simply reduces each month you live in it (plus final 9 months exempt). If you lived elsewhere that's deemed a choice, unless it was a requirement (tied accomodation for job, e.g. military)