For 15 years I’ve never really lived in the property, and now I plan on selling it
Q I retired 10 years ago and split my time between my holiday home in the Algarve for six months of the year and travelling in my motor home. I do not have a main residence in the UK, but I did inherit a flat which I have rented out for approximately 15 years – although when I have needed to work on it I have lived there.
This year I will be 65 and want to sell the flat and buy a main residence for myself and my wife in the UK. I have always declared any income from the flat on my self-assessment tax return. My question is, will I be liable to pay capital gains tax on the sale of the flat, and if so how will it be worked out as it was an inherited property. MF