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help please with CGT
voyagerbear
Posts: 85 Forumite
in Cutting tax
Would it be possible for someone to kindly do the numbers for this scenario please.
One of the owners of the house is not a British Citizen
The married couple's house was purchased in joint names 1986 for £46.000, £16.000 was deposit. The family lived in it for 2 years then went overseas for work. They returned and lived in the house for a few weeks each summer for about 4 years. They are still working overseas and the property is still let. They do not have another property. The property will sell probably for around £250,000 these days. What would be their CGT liability?
Purchased July 1986
Purhased for £46,000.00 Deposit £16,000
Date letting started September 1988
If sold Sep.2010 for example what would be the CGT liability?
OR if returned to live in property and sold in a number of years hence. thank you.
One of the owners of the house is not a British Citizen
The married couple's house was purchased in joint names 1986 for £46.000, £16.000 was deposit. The family lived in it for 2 years then went overseas for work. They returned and lived in the house for a few weeks each summer for about 4 years. They are still working overseas and the property is still let. They do not have another property. The property will sell probably for around £250,000 these days. What would be their CGT liability?
Purchased July 1986
Purhased for £46,000.00 Deposit £16,000
Date letting started September 1988
If sold Sep.2010 for example what would be the CGT liability?
OR if returned to live in property and sold in a number of years hence. thank you.
0
Comments
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If the owners are both still non-resident when they sell, they will not be liable to CGT.£705,000 raised by client groups in the past 18 mths :beer:0
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Thank you,
does that still apply if one of the parties stayed in UK for a two year period during that time but went back overseas again.0 -
As long as they have been non-resident for 5 yrs since that visit.-£705,000 raised by client groups in the past 18 mths :beer:0
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Would they be liable for taxes in the country of residence though?0
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They might - it depends on the laws of that country.£705,000 raised by client groups in the past 18 mths :beer:0
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