Am I Liable for Capital Gains Tax?
I bought my flat in November 2002. I lived there for 5 years but then moved in with my fiancé in August 2007 and have rented the flat for the last 2 years. It is the only property I own.
Am I right in saying that, if I sell it within 3 years of moving out, I am not liable to pay CGT? If I keep renting the flat for longer than 3 years, when I eventually sell it, do I have to pay CGT on all the profit I have made since I bought the flat in 2002?
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