I am just about to put my house on the market. I've owned it since Feb 2007 when it was my main residence and it's been rented out since September 2008 until now. Am I liable to pay capital gains tax on the difference between what I bought it for and what it's sells for? I've done a quick hunt on-line and I can see some new stuff about a '36 month rule' but I am obviously a bit thick as I still don't get it
Obviously i'll pay whatever I need to - I think it's likely that the house will only sell for about £20k more than I bought it for, which is purely due to the fact I completely renovated it over the year or so I lived there!
Any advice would be much appreciated. I am getting into a right old panic about this as my situation has changed entirely in the past year and I need every penny to buy somewhere new (I am currently renting in a new area).