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Sold house abroad, what next?
Mrs_pbradley936
Posts: 14,571 Forumite
Hello,
We have just sold a house in Florida which we have owned for almost 9 years. We have a gain of almost $45K and we want to bring the money back to the UK. Do we have to notify anybody and when? Can we use our Capital Gains Tax allowances for this?
We have just sold a house in Florida which we have owned for almost 9 years. We have a gain of almost $45K and we want to bring the money back to the UK. Do we have to notify anybody and when? Can we use our Capital Gains Tax allowances for this?
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Comments
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Good timing: after your selling costs, should just about fit into both your CGT allowances for this year (around 9.4k each IIRC).
No need to notify anyone (though your bank may ask the origin of the money for the laundering regs) just fill out a tax return in due course.
This assumes you are UK resident.Trying to keep it simple...
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EdInvestor wrote: »Good timing: after your selling costs, should just about fit into both your CGT allowances for this year (around 9.4k each IIRC).
No need to notify anyone (though your bank may ask the origin of the money for the laundering regs) just fill out a tax return in due course.
This assumes you are UK resident.
Many thanks yes we are UK residents.0
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