It is increasingly common for individuals to take up employment in a different location from where their family home is. If your home will be vacant you may be considering letting it. Not only will this bring in an income but also help protect your property while you are away.

Normally income received from letting your only or main home is taxable in the UK.  If you let your home by reason of working away the period you are absent from your home will be treated as though you still live there for Capital Gains purposes, there is a time restriction on this. However, this is a valuable relief.

If you are working overseas then the amount of time given for this relief is extended.

If you leave the property for any other purpose you may be deemed to have lived in it for up to 3 years or the time you are away if this is less, however, you must return to the property and occupy it again as your main home for this relief to apply.

At Advantage ATO we can help you to make the most of the exemptions that apply.