if we sell our home in Singapore, will we be liable for capital…

Hi

Thanks for your response

Then you will both a have a capital gain consideration as its been more than 36 months since you ceased to have this property as your main residence, and as you plan to remain in the UK for the foreseeable future and you have already been in the UK for more than 7 out of the last 9 years, if your wife claims the remittance basis, th loss of personal allowances will not affect her, the remittance basis charge of £30,000 (currently for this year) may prove to be more expensive than the capital gains tax due on the gain. And unless you plan to leave the UK at some point, then the remittance basis is not valid for your wife.

You will be due private residence relief on some of the gain for the time you lived there plus the last 36 months of ownership, and private lettings relief will be due if you have declared the rental income to HMRC (they still need to know even if the interest element of the mortgage is more than the rental income)

So you do need to address this rental income issue, for you and your wife.

Thanks

Sam

Hi William

Thanks for your response

For you it makes no difference whether the money is remitted or not, as a UK citizen you are liable to capital gains on the arising basis and must declare your share

For you wife, if she does not remit the money and claims the remittance basis its £30,000 (for this tax year) remittance basis charge, so she too will probably be better off claiming the arising basis, which I do appreciate means you finding money you do not actually have accessible to you.

On the plus side, any capital gains that arise through a sale that takes place between now and 05/04/2012 are not due to be paid until 31/01/2013 and if the sale takes place after 05/04/2012, then you will not have to pay this until 31/01/2014.

But the fact you have to repay funds has no bearing on the capital gain position, if a profit has been made, then a capital gain has to be considered.

I cannot answer the pension fund question as this is a new topic and should be posted as such as per Just Answer policy

Thanks

Sam