Non Resident - Sale of only House - Capital Gains Tax

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Non Resident - Sale of only House - Capital Gains Tax

    Hi All,

    I have been a NON Resident out of the UK for 2 years and im considering selling my only property in the UK. I paid 90k for it in 2006 and if im lucky to sell it, it would sell for arounf 85-90k therefore there would be 0 profit. How would I be affected in relation to capital gains tax in the case?.
    Tags: None
    #2
    If you paid 90K and sell for same or less, you have no profit to report or any liability for Capital Gains tax to pay.

    Comment

      #3
      If you are non resident then you are not liable to UK CGT anyway. You may have to report the sale of a world wide asset in the country you are now resident but there should be no tax of any sort. Regards Peter

      Comment

      Previous template Next

      Latest Activity

      Collapse
      • Reply to Any property tax experts you can recommend please?
        by Trevor62
        Thank-you for the link.

        Well my issue is Tax & Assets.

        Firstly, I am in the process of building a house in my side garden, when complete I will own two properties.

        Will I have to pay stamp duty for the new build?

        Because I am an old dad and my...
        19-05-2022, 19:44 PM
      • Any property tax experts you can recommend please?
        by mpppen
        Hello,
        We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

        I'd really like to find someone who can advise us of the best way of either bringing the personal...
        03-03-2022, 20:00 PM
      • Reply to Capital Gains Tax dilemma
        by Gordon999
        You have owned the property for 38 years ( 1984 - 2022 ) and lived in the property for 22 Years ( 1984-2006 ) plus 16 years for letting..

        The total capital gain over 38 years is apportioned between "residence period" ( exempt for cgt ) and "letting period" ( liable...
        19-05-2022, 10:07 AM
      • Capital Gains Tax dilemma
        by Ollyn
        Hello

        I am considering whether to sell my house which has been let for some time and need to see how I can best deal with CGT.

        I lived in the property from 1984 until 2006.

        From 2006 it has been occupied by tenants, now vacant and being renovated.

        ...
        18-05-2022, 18:17 PM
      • Reply to Capital Gains Tax dilemma
        by ash72
        You should seek advice from an accountant, or a property tax for tailored advice to your specific circumstances, you may be entitled to some relief if the property at any time was your own principal residence.
        18-05-2022, 21:14 PM
      • Reply to Capital Gains Tax dilemma
        by theartfullodger
        You declare (online) and pay CGT within 60 days of sale. Depending on the numbers I would expect you to pay CGT. What records do you have of applicable costs, etc?

        What you pay will depend on what CGT rules when you sell - v unlikely to be better than today, possibly worse. Covid,...
        18-05-2022, 18:29 PM
      • Reply to Tax Allowance on Rental Income.
        by Gordon999
        The property allowance is a tax exemption of up to £1,000 a year for individuals with income from land or property.

        If you own a property jointly with others, you’re each eligible for the £1,000 allowance against your share of the gross rental income.

        If your annual gross...
        18-05-2022, 16:47 PM
      • Reply to Tax Allowance on Rental Income.
        by jpkeates
        It's £1,000 each.

        Most landlords don't use this though, because it's rare for income from a rental property to be low enough to qualify,
        18-05-2022, 09:59 AM
      • Tax Allowance on Rental Income.
        by banner257
        Can anyone help please, if a rental property is owned by two people 50 50. Would each owner be allowed to claim tax relief of £1000 each, or will the allowance of £1000 be split 50 50.
        Thanks
        18-05-2022, 08:42 AM
      • Reply to Consent to Let - do we still need to pay tax
        by Madmax86
        Rent is income. All income needs to be declared, regardless of the mortgage you have
        18-05-2022, 08:50 AM
      View All
      - Advertisement -
      Working...
      X