emigrating and capital gains tax

willsken

Oh yes. Knew it would be, just didn't realise that so little of the money we spent doing it up would be allowed to be off set as expenses. Own fault should have looked into it a bit more.

Cook_County

This sound quite good news, because you could argue that the profit arose from trading in which case the 5 year rule does not apply, so you'd only have to be non-UK resident for 1 tax year. You should have this in writing from your accountant first, as against just my say-so on an open forum!

willsken

Well OH has an appointment with an accountant today and we should hopefully have an answer to what we need to do. I don't mind paying tax, but what I didn't realise (stupidly I know) was that due to not being able to write off hardly any of our costs, paying the mortgage and renovating the properties, the tax man would end up taking more in tax than we have made in profit.

Can anyone tell me what the penalties could be if we just sold up and left the country without declaring it? Although I don't think I'd have the nerve to do this I'd still like to know the answer!

missile

You could end up in jail if and when you return to UK

willsken

Never worth it - as I say tempting as it seems wouldn't have the nerve :A