You are not liable for any capital gains tax until you sell the house which has been rented out. As has been said by others as long as you have previously lived in that house as your main home whether or not you lived in it over the last three years is irrelevant. If you rent it out for 4 years (say) and then sell it then you would look at how long you lived in it (let's say 9 years) in proportion to how long you rented it out minus the last 3 years (eg 4-3=1). In this example 10% of the profit on your house might be subject to capital gains tax. But then you have your CGT allowance and other things which would reduce it even further.
On the subject of income tax there are all kinds of allowances you can apply. Firstly, you can allow all of the interest which you have paid on your mortgage on that property against the rental income before counting it as profit. You can also allow 10% of the gross rent against furniture replacement if you rent it out furnished. There are all kinds of allowances which should mean that you end up paying not that much tax (such as costs of repairs / rental agency / gas check etc). Have a search on the HMRC web site for the details.
I rented my house out for many years whilst I lived in the US. Feel free to PM me if you have any specific questions.
On the subject of income tax there are all kinds of allowances you can apply. Firstly, you can allow all of the interest which you have paid on your mortgage on that property against the rental income before counting it as profit. You can also allow 10% of the gross rent against furniture replacement if you rent it out furnished. There are all kinds of allowances which should mean that you end up paying not that much tax (such as costs of repairs / rental agency / gas check etc). Have a search on the HMRC web site for the details.
I rented my house out for many years whilst I lived in the US. Feel free to PM me if you have any specific questions.
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