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CGT and Non-Dom question
Phil64
Posts: 1
Newbie
in Cutting tax
Hello,
My wife and I are UK residents - I'm Domiciled here but my wife is not. We own a property in Spain that we are looking to sell after many years with a sizable gain. I am thinking of moving it to my wife's name, letting her sell it and keeping the proceeds in her name offshore - with her paying tax on the remittance basis for that year to avoid the immediate and substantial CGT bill in that year.
It would be best for us if in subsequent years she pays on an 'as-arising' basis. My question is - would the CGT stay deferred until/unless she brings any of the money into the UK??
I've been digging for an answer everywhere, but not having much luck.
Thanks to anybody who can help me with this.
My wife and I are UK residents - I'm Domiciled here but my wife is not. We own a property in Spain that we are looking to sell after many years with a sizable gain. I am thinking of moving it to my wife's name, letting her sell it and keeping the proceeds in her name offshore - with her paying tax on the remittance basis for that year to avoid the immediate and substantial CGT bill in that year.
It would be best for us if in subsequent years she pays on an 'as-arising' basis. My question is - would the CGT stay deferred until/unless she brings any of the money into the UK??
I've been digging for an answer everywhere, but not having much luck.
Thanks to anybody who can help me with this.
0
Comments
-
Surely the Beckham tax would be higher than the UK so - currencies aside - there would be zero UK CGT payable?0
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