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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I bought a flat, not my main residence, in 1999 for £140k,

Resolved Question:

I bought a flat, not my main residence, in 1999 for £140k, which is now worth £390k,hence the CG is £250k. I have been a non UK resident for the last five years, since January 2009, and now want to sell the flat.

Would you please tell me how much would I will have to pay in Capital Gain Tax.

thank you
Submitted: 11 months ago.
Category: UK Tax
Expert:  Tony Tax replied 11 months ago.
Hi.

If you sell the property now or by 5 April 2014, you must ensure that you do not become tax resident in the UK before 6 April 2014. This is because you have to complete five full tax years as a non-UK resident starting from the first 6 April after you have left the UK (6 April 2009 in your case) in order to avoid UK Capital gains Tax on the sale of assets you held before you left the UK which occurred in that five year period.

If you sold the property between 6 April 2009 and 5 April 2014 and returned to live in the UK before 6 April 2014, the gain would be taxable in the UK in the tax year of your return to the UK.

Take a look at question 6 here which is relevant to you.

I hope this helps but let me know if you have any further questions.
Customer: replied 11 months ago.

Thank you.

 

I will be selling before 5 April 2014 and need to know how much CGT I will have to pay. Will I be exempt from all of the Capital Gain, or just the Capital gain over the 5 years I have been non resident? How much CGT will I pay?

 

regards

 

Mike XXXXX

Expert:  Tony Tax replied 11 months ago.

The whole gain will be exempt so long as you don't return to the UK before 6 April 2014.

Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14057
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and other UK Tax Specialists are ready to help you
Customer: replied 11 months ago.

Thank you for that response - much appreciated.

Expert:  Tony Tax replied 11 months ago.
Thanks.

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