Private Residence Relief and CGT

[owenant]

Currently living abroad I want to sell my rented home (only property I own here or abroad), return to the UK and use the capital as start up for a business. I am concerned that with the proposed new CGT changes I may find myself out of pocket and unable to afford the business start up I am looking into.

I have been renting out my UK property through a managed agency while working away (has been 5 years and I am still on a residential mortgage with self assessment tax declarations).

As the exisitng mortgage is relatively small I can afford to wait a while before selling the property so my question is:

When the current tenants vacate in just over a month and I take a decision not to rent out again but revert the property to my sole UK residence, use it only for private use (I return regularly for short trips to the UK).. and if I pay all bills ie council tax, utilities etc.. in my name.

Could I make a claim for "Private Residence Relief" and if yes, how long would it be before I could claim? I have seen approximates given of 9 to 12 months, is this correct?

Many thanks for any advice.. on the feasibility of this action and duration needed.