CGT on primary residence

Hello, 1) I bought a flat 20 years ago. 2) I lived there as my primary residence for the first five years or so. 3) Then, I let the place out to tenants while living abroad. 4) I just came back to the UK and plan to move back into my flat and live there for the foreseeable future, at least until 2029. 5) This flat is the only flat I own. Question - Do I still have to pay CGT on the periods relating to the property being rented out if I were to sell the property for example, in 2029? Thank you

Hi bluetack333,
Yes.
If you dispose of the property, you would work out the gain which is the difference between the disposal value and and the acquisition cost, minuse expenses.
You would be able to claim private residence relief for the periods that the property was your main residence, plus and additional 9 months, over the number of months you owned the property.
This will allow you to work out how much tax relief can set against the gain.
You would pay tax on the remainder.
Have a look at HS283 here:
Private Residence Relief (Self Assessment helpsheet HS283)
There is a calculator at www.gov.uk in the capital gains section.
Any gain arising from the disposal of the property must be reported and paid withing 60 days of the completion date, otherwise, penalties and interest will be applied.
Thank you. 

Hi My mum, brother and myself own a property and are in the process of selling (just received offer). My mum has always lived in the property and continues to. My brother and I moved to separate rented accommodation in 2020 and 2022 respectively. The proceeds will be split 3 ways as the property was transferred to us by our dad as a gift because he has been unwell and is looking to sort his affairs out. My dad purchased this back in 2007. The transfer to us took place in October/November last year. My questions are as follows: 1) How is the gain calculated? Is the gain from when we obtained the legal interest in the property? 2) is there CGT payable for my mum on her portion of the gain as she still lives there? 3) is there CGT payable by me and my brother and at what rates as I am a 20% income tax payer and he is a 40%? However, the proceeds will take my income over the 20% threshold and therefore will I be a 28% CGT payer? 4) Will any of us qualify for the private residence relief? Thanks

Hi
1. the gain for you and your brother will be based on the value at time of transfer against the amount sold for    
2.  as your mum lived in the property, no, there is no CGT due    
3. possible as depends on the difference in values    
4. not for you or your brother as you did not live in the property at any time after becoming owners