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Hi, I bought a property in Switzerland in July 2006 and lived…

Hi, I bought a property...

Hi, I bought a property in Switzerland in July 2006 and lived in the property for approx. 18 months before moving back to the UK. I own a second property in the UK that I bought in 2000 and lived in until 2003 when I then moved to Switzerland. This property was subsequently let. I returned to the UK in Jan 2008, kept the flat in Switzerland (but did not rent it out) and eventually sold it in December 2009 as the running costs were too expensive. I submit the details of my UK flat on my self assessment tax return and operate at a loss each year. Am I liable for capital gains tax on the property that I sold in Switzerland? If so, how much would I have to pay? Thanks in advance, KJ.

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7/4/2011

UK Tax Professional: Tony Tax, Tax Consultant replied 11 years ago

Tony Tax, Tax Consultant

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Hi.

Are you asking about the UK tax or the Swiss tax position in relation to the Swiss property?

Customer reply replied 11 years ago

Hi, I'm asking about my UK tax position. When I sold the property I paid all applicable taxes in Switzerland. I am currently completing my 09-10 SA Tax Return (I'm a bit late!) and am wondering how I should go about detailing the sale. I don't think that I am applicable for CGT as I lived in the property for a period of 18 months and this was my primary residence during this time. The point I am not sure on is regarding the fact that I moved back to the UK and took up permenant employment here in Jan 2008. I still owned the property during this time and stayed in rental accomodation in the UK. The property sold in Nov 2009, nearly 2 years after I moved back to the UK. As I said I dont think I am applicable for CGT but would like to check this point with someone who is better versed in CGT rules. I hope this gives you the details you need? Regards, KJ.

UK Tax Professional: Tony Tax, Tax Consultant replied 11 years ago

Thanks.

The gain for the period the Swiss property was your main home is exempt from Capital Gains Tax in the UK. That covers the period from July 2006 to around December 2007 when you moved back to the UK. As the property was your main home at some time you are also entitled to exemption for the gain for the last 36 months of ownership and since you sold the property in December 2009, the gain for the period January 2008 to December 2009 is also exempt from CGT in the UK.

Let me know if you have any queries.

Tony Tax, Tax Consultant

Category: UK Tax

Satisfied Customers: 16,712

Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.

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