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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
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Hi Tony I sold a house in the UK last tax year. It was bought

Resolved Question:

Hi Tony
I sold a house in the UK last tax year. It was bought in 1998 for about £60K and sold for £145K. I moved back to Oz in 2005 buying a new house in Oz with my wife in 2006, and have been resident abroad(exUK) ever since. I was working as a teacher in the Middle East for most of the time prior to 2005 and let it out as my own and only property. I have paid tax and completed retuns each year as accurate and as requested. I got tired of the hassle and sold it as the income was minimal and upkeep was large. Am I liable for capital gains tax? If so how do I calculate the amount and rate?

Any help appreciated. If it makes any difference I do not intend returning to the UK to live but will visit relatives for less than 90 days at a time per year in the future.

Graham
Submitted: 1 year ago.
Category: UK Tax
Expert:  Tony Tax replied 1 year ago.
Hi.

You sold the house in 2012 and I'm assuming you have been treated as non-UK resident since you left the UK.

Assuming you became non-UK resident after 17 March 1998, so long as you complete five full tax years before resuming UK tax residence you will not be liable for Capital Gains Tax in the UK on gains made during your absence. You don't have to complete the five tax years as a non-UK resident before you sell the asset but if you sell it before you do complete them and return to the UK before you complete them, then the gain will be taxable in the tax year of your return to the UK. Take a look at the notes here for confirmation.

Based on what you have told me, you should have no CGT in the UK to pay.

I hope this helps but let me know if you have nay further questions.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14301
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Tony Tax
Tony Tax
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Inc Tax, CGT, Corp Tax, IHT, VAT.