If uk citizen residing abroad for 3 yrs+ what CGT tax payable on uk house sale under new laws?

You will remain tax resident until 5 April of the year you leave the UK.

From that day you will be not resident and not ordinarily resident.

If you sell an asset during your absence there will be no UK tax. However, if you return within 5 tax years, any gain will be taxable in your year of return (and any losses will be allowable in that year too).

You will be able to deduct the annual exemption from the gain in the year of return and the rate of tax on the rest is 18%.

This is the case if the property was not your main (or 'principal' residence).

If it was your main residence and you lived in it at any time, the last 3 years of ownership are exempt. So, if you lived in it until your departure and sell it within three years of leaving the UK, there will be no gain at all...even when you return.

If there was any period when you didn't live in the property, the gain may not be fully exempt.

So the answer really depends on 2 things:

(1) Was the property your main residence, and
(2) If it was, how long did you actually live in it.

If your answer to the above is anything other than: it was my main residence and I lived in it until I left the UK and sold it within 3 years of leaving the UK, then you really should think about seeking further advice to calculate your gain.

Hope this helps.

You are infact a chargeable person as you are a resident or ordinarily a residant in the UK.

Only part of the gain would be exempt if the owner had not occupied the house throughout the whole ownership. Therefore, the period that you havent been living in the house will be liable to CGT.

However, for CGT purposes the last 36 months of ownership are treated as as a period of occupation (effectively the last 3 years).

Therefore, if youre exact absence does not exceed a total of three years youre gain is fully exempt. Although, you have stated you have been abroad for 3+ years.

However, if you can prove that you were unable to live in the UK due to youre employer requiring you to work abroad not exceeding 4 years you will be exempt also.

These are in accordance of the Finance act 2007 which covers the tax peiod 2008/2009. I would recomend you speak to a fully qualified accountant as i am only part qualified.

Hope that helps!