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Principal private residence relief

Working abroad- deemed occupation

Where an individual  in employment  is required to live and work abroad is' deemed occupation.

But what if an individual goes abroad to live and work freelance leaving his uk main residence empty for 5 years say. Is the 5 yr period deemed occupied thus available for CGT relief.

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22nd Jan 2019 17:17

If he is self-employed abroad, the exemption is up to 4 years provided actual occupation before and after. Remember to make timely main residence elections if the individual has another residence available to him whilst abroad (whether owned or rented).

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to gainsborough
22nd Jan 2019 17:25

Oooh, you've made a Mr B thread interesting.

(Why) is an election needed?

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to Tax Dragon
22nd Jan 2019 17:47

:) I'm intrigued now Tax Dragon...going to have to look at previous Mr B posts now...(or maybe in Feb!)

Given the individual may be abroad for 5 years, thought there may be the possibility of him possibly having another residence abroad, so thought I should cover all bases!

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By Waves
22nd Jan 2019 17:28

What a fiscally challenging question, my fiscal friend!

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22nd Jan 2019 17:40

Fiscally welcome back from the fiscal cold, my fiscal colleague.

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to atleastisoundknowledgable...
23rd Jan 2019 17:42

I have consulted Tolley the fiscal king of fiscal thinking and it seems that whether a taxpayer be employed or self employed the period abroad is deemed occupied. Hence exempt from CGT.
Surely there is no time limit. Has a time limit been brought in since 2017/18. In addition, there is no need for an election surely.
We need a meeting of fiscal minds to ascertain the truth.
Thank you fiscal pensive agents.

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23rd Jan 2019 17:45

Lets say the taxpayer is living with a friend abroad in this scenario

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