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Money in French Bank
grumpycrab
Posts: 5,035 Forumite
in Cutting tax
Hi. I have a relation who's selling a flat in France (has owned it for 30 years). I believe they avoid French CGT (due to length of time of ownership) but can they repeat the saving (for the same reason) when bringing the money back into their UK bank?
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Comments
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Where are they resident? If they are resident in the UK, then they are liable to CGT on the sale.0
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Gertie_Walker wrote: »Where are they resident? If they are resident in the UK, then they are liable to CGT on the sale.
They live in the UK; ok so they don't pay any French CGT (tapers off to nothing after 15 years ownership). Guess they could leave the money in their French bank account but that's a little stupid as there's nobody out there to spend it. Thanks.0 -
grumpycrab wrote: »They live in the UK; ok so they don't pay any French CGT (tapers off to nothing after 15 years ownership). Guess they could leave the money in their French bank account but that's a little stupid as there's nobody out there to spend it. Thanks.
And HMRC are chasing people who do that very hard.
When it has been sold it must be notified to HMRC.
If French CGT is payable, this could be deducted from any UK liability.The only thing that is constant is change.0 -
The French authorities notify HMRC about property sold by UK residents. Don't forget they are paying tax on the gain, not the proceeds.0
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You do not say where the relative is domiciled. If non-UK domiciled the relative could elect the remittance basis and just pay the £30,000 charge if the money never comes to the UK. I assume there is no SCI.0
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Cook_County wrote: »You do not say where the relative is domiciled.
UK based..grumpycrab wrote: »They live in the UKThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Living in the UK has not a jot to do with domicile. There are well over 5 million UK residents who are resident and ordinarily resident for tax purposes but who are not domiciled in one of the countries of the United Kingdom. These are the so-called "non-doms".UK based..
Where is the relative of the OP domiciled. Is it within the UK or elsewhere?0 -
They live are and are domiciled in the UK. Thanks for replies guys.Cook_County wrote: »...Where is the relative of the OP domiciled. Is it within the UK or elsewhere?0
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