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I've been in UK for 10 years and now qualify for ILR in February 2010. I was out of UK 505 days during the past 10 years.

I'm going abroad for about 1.5 months and going to apply ILR in June 2010 when I return to the UK, by then I will be absence from the UK for about 560 days (over 18 months).

Just wondering how will the 18 months absent from the UK calculation in my case? And will I still qualify for 10 year ILR?

Why risk it?

Highly unlikely as you will be 20 days over.

Like Vinny said, it's a big risk to take especially after waiting so long. Get the application in now, although be prepared to wait around 7-8 months going by current wait times.