Wonder can anyone help me with this one:
Bought house in 99.
Moved to US in Aug 07.
Wife followed me in Oct 08.
Renting in US.
Kept house - vacant, mortgage and bills paid etc.
Planning to sell now as we are commiting to stay here longer.
I understand that if you work abroad and then move back and subsequently sell, the house can be considered your PPR all along. What about if you don't move back and just sell? Still the same?
I'm thinking the house has remained our PPR all along and I don't have any CGT liability. Any ideas?
Thanks in advance.
Bought house in 99.
Moved to US in Aug 07.
Wife followed me in Oct 08.
Renting in US.
Kept house - vacant, mortgage and bills paid etc.
Planning to sell now as we are commiting to stay here longer.
I understand that if you work abroad and then move back and subsequently sell, the house can be considered your PPR all along. What about if you don't move back and just sell? Still the same?
I'm thinking the house has remained our PPR all along and I don't have any CGT liability. Any ideas?
Thanks in advance.