Bringing money to UK from sale of proprty abroad

jmt2010

Hi, I hope this is the right forum to post this, if not, could someone point me in the right direction?

Soon I will be selling some property abroad (in asia) that was left to me after my brother died.

Once the property is sold, the money will be deposited into a asian bank account (a few hundred thousand pounds). As I am and always have been a uk citizen, the money is of no use to me there and I would want to bring it home.

However, I am completely ignorant to the laws/tax regulation for such a transaction and am struggling to find out the correct procedures - what taxes i subjected to, who i should inform etc. I imagine depositing such a sum would raise some money-laundering alert if done incorrectly.

Any advice on this would be really useful. Thanks

fengirl_2

I am not sure it would alert anyone to money laundering as people deposit the proceeds of house sales in their bank accounts every day. However, you will be liable to Capital Gains Tax on the sale of the property, based on the selling price less the value of the property on yur brother's death. Yu will need to ask HMRC for a self assessment form for 09-10 (assuming the sale was after 6 April) containing the CGT pages.

socrates

As far as I know a relative of mine sold some land in Cyprus - they paid the tax locally.

When they call the Tax Office here they were told there was no tax obligation in this country - however that was another EU country.

A simple call to HMRC is the first port of call.

Cook_County

If you are domiciled within the UK the gain is taxable exactly as fengirl explains. You may also have a gain on the foreign currency.

I don't understand socrates' response at all unless the relative concerned was non-UK domiciled and claimed the remittance basis?