I bought my house in 2000 for £40k, and lived in it until October 2007 when it was valued at approx £115k. Since October 2007 I have been letting the property, and declaring it through self assesment. I’m now thiking of selling the property, and its currently worth about £100k.
I’m sure I’ve read some where that the only way to avoid paying capital gains tax is to move back in for 6 months, or at least have bills in my name at the address for 6 months?
Do I have to pay capital gains on the £60k, or just pay capital gains based on what the market value was when I started letting the property compared to the current market value?
Thanks