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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3621
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based)
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My wife and I have been living in the Middle East since 1980

Resolved Question:

My wife and I have been living in the Middle East since 1980 I am still non resident not ordinarily resident. My wife moved back to the UK in August 2010 I am still resident in the ME. We have seven BTL properties that we wish to dispose of two are in my wife's name five are in my name. I want to sell these before I retire in two years time. Is it true that I will not have to pay CGT on the five properties in my name provided I sell them before I take up residence in the UK. In addition if my wife transfers her properties to me and I then sell these two properties we will avoid the CGT on these two properties as well.(Again provided they are sold prior to me taking up residence in the UK)
Submitted: 12 months ago.
Category: UK Tax
Expert:  taxadvisor.uk replied 12 months ago.
Hello, if you have any questions or need further clarification after reading my answer please let me know.

Thank you for your question...

When were the BTL properties bought?

Many thanks
Customer: replied 12 months ago.

1991,2002,2003,2003,2003 mine


 


2002,2002 wifes


 


Do you require specific months.

Expert:  taxadvisor.uk replied 12 months ago.

Mark, thank you for your reply

As far as properties acquired by you .. you are not liable to capital gains tax on any properties you dispose of during the tax years for which you are wholly not resident and not ordinarily resident in the UK.. So if you were to sell your properties in tax year 2013-14 i.e before 5 Apr 2014 and you returned to the UK on or after 6 Apr 2014 in tax year 2014-15 then you would not be liable to CGT on the gain.

You will find Q3 and Q10 here relevant to your scenario...

http://www.hmrc.gov.uk/cnr/faqs_capgains.htm#cg3

Also, your wife won’t have to pay capital gains tax when she transfers the two properties in her name to you. However, if you later sell the properties, you will have to pay the tax on any gain. Tax will be due on any gain made over the total period of ownership - yours and hers i.e. gain from 2002..

If you were to sell the properties whist you were non resident in the UK for tax purposes

then the gain would not be chargeable to UK Capital Gains Tax.

If you need more information please let me know before you rate my service.

I hope this is helpful and answers your question. If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page.

Customer: replied 12 months ago.

Would you be able to and are you qualified to take this up to the next level and assist us in calculating the gain on the properties should we decide not to sell any of these properties but hang on to them along with the other four we purchased (2 x 2009, 1 x 2011 and 1 x 2013) for our pension.


 


I would probably sell the one purchased in 1991 as it has the greatest gain.


 


Average value of the eleven BTL properties marginally under 200 k at today's rates. We do have mortgages on six of the properties.


 


Do you know anything about IHT.

Expert:  taxadvisor.uk replied 12 months ago.

Mark, thank you for your reply and additional information.

 

I will be able to assist you in calculating the gain on properties. I am a qualified accountant and in practice.

 

I would be able to help you with IHT provided it is not too complicated.

 

If you wish to direct the question to me then please request thatCustomeranswer the question in the body of your question.

 

I hope this is helpful and answers your question. If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3621
Experience: FCCA - over 35 years experience as a qualified accountant (UK based)
taxadvisor.uk and 2 other UK Tax Specialists are ready to help you
Customer: replied 9 months ago.


If I provide all the numbers can you assist in working out the potential gain. I need someone who knows all tax mitigation methods and yet keep within the law, tax avoidance I think they call it.

Expert:  taxadvisor.uk replied 9 months ago.
Mark, thank you for your message.

You will have to put a fresh question per Just Answer rules and I will be happy to assist you. If you wish to work with me, please ask for me in the body of your question.

Many thanks
Customer: replied 9 months ago.

please ask for me in the body of your question.


 


How


 


 

Expert:  taxadvisor.uk replied 9 months ago.
Mark.. you could write something like

This question is forCustomer.and I would like you to assist me with this question..


Many thanks
Customer: replied 9 months ago.


I have no problem paying but I need to know if I am dealing with the person I originally dealt with. Is this you.


 




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Expert:  taxadvisor.uk replied 9 months ago.

Mark, I answered your previous question and I am taxadvisor.pk

I answered it on
9/2/2013 at 8:10 AM (28 minutes and 19 seconds later)

 

This is me ...

AboutCustomer/h2>

FCCA - over 35 years experience as a qualified accountant (UK based)

I've been an Expert on JustAnswer since December 2010, and I’m ready to answer your UK Tax questions.

To date, I have 1563 satisfied customers who have indicated that they are happy with the answers they received from me - and I'm ready to answer your Finance questions right now.


Many thanks

Customer: replied 9 months ago.

Mark, I answered your previous question and I am taxadvisor.pk or UK

Expert:  taxadvisor.uk replied 9 months ago.
sorry it should say

taxadvisor.uk
Customer: replied 9 months ago.


OK I will start a new question and put this additional information. Lets see what happens in the statement tomorrow.

Expert:  taxadvisor.uk replied 9 months ago.
Mark, thank you.
Customer: replied 8 months ago.


Looks like I have a bit of a breather, up to April 2015, but I am sure we can work together on this. I travel home in a few days and will put some numbers together on individual properties and revert after the festive break.

Expert:  taxadvisor.uk replied 8 months ago.
Mark, thank you for your message.
I look forward to hearing from you after the festive season.

Best wishes.

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