Do I have to pay capitol gains tax?

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    Do I have to pay capitol gains tax?

    I am currently living with my parents and have rented my flat out, this is the only property I own, and I lived there 12 years renting and 1 year as an owner. I am happy to move back in if this helps me to not have to pay capitol gains. Just read somewhere if its your principle home theres no capitol gains due

    #2
    When did you buy it, between what dates did you live in it, rent it out and when do you plan to sell it?
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      1. The calculation of capital gain starts from the date of purchase of your property up to date of your sale date. If you paid 100K and sold for 160K , then your capital gain is 60K. The capital gain during period of living at the property + 18 months after moving away is exempt from capital gains tax.

      2. If you lived at the property for one year and then moved out , then you can claim exemption for the first 2.5 years.

      3. If you want to know more, you have to answer the questions raised by jpkeates.

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