I currently live in my primary residence with an outstanding mortgage, but will be moving out and relocating for work in a few months time. The initial post is for 2 years but may be extended indefinitely.
My work is providing me and my family with accomodation whilst away and I will be renting out my primary residence.
I understand that I will be able to rent my primary residence out for 6 year and be except from paying any CGT if I sell the house within those 6 years, as long as I don't buy another primary residence during that period.
I however have 2 questions regarding this matter:
If I keep renting the house for longer than 6 years, say 10 years, before I sell it, will I pay CGT based on 4 years or on the full 10 years? And how would I calculate the cost base?
If the primary residence is in my name only and we buy another primary residence in my wife's name will I still qualify for the 6 year rule above for my primary residence?