Cgt

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    Cgt

    I was talking to someone in their office today and they said her husband and herself who is a sailor is going to sail around the med for at least a year, and is going to sell. 50% of his housing stock, she seems to think she won't be liable for cgt as she would be outside any country? Is this right, personally I can't see it but she said as long as you are out of the country for 186 days it OK. Would be interested to know.

    #2
    Think he might need to go sailing for at least 5 years without setting foot on land.

    I'd report them to HMRC as people that need close watching.

    He would also need to declare each sale within 30 days as usual.

    NR-CGT was abolished as is now within the scope of ‘normal’ CGT on disposals of all UK land and property.

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      #3
      CGT is payable on UK property whether you live in the UK or not or whether you're a UK tax payer or not.
      There might be a practical problem for HMRC collecting it if someone's not on the grid, forever.

      If someone had no residence at all, they might not pay other tax that might be due elsewhere - but good luck stepping ashore with no passport.

      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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