Foreign property sale !

Superman2012

Dear all,
I'm a newbie to this forum.
Hope the experts will throw some light on my options.


option-1)
I've invested in a property abroad and its has decently appreciated. The money used to buy the property was sent via UK bank account few years back.

I'd like to know, if I can bring back the money from selling the property without incurring any tax in UK or any other thing I should be aware of from a HMRC stand point. The sale abroad will be subject to local taxes.

option-2)
My parents who live abroad would like to send me a 'gift' of £35,000. This will be sent to my UK bank a/c from a foreign bank a/c. Will this attract any tax or any thing I should be mindful from a tax authorities perspective ?


I'd like to use either or both of the above 2 options for deposit for a home, so like to get some ideas.

thanks
Superman2012

Jezzer1969

Superman2012 wrote: »

Dear all,
I'm a newbie to this forum.
Hope the experts will throw some light on my options.


option-1)
I've invested in a property abroad and its has decently appreciated. The money used to buy the property was sent via UK bank account few years back.

I'd like to know, if I can bring back the money from selling the property without incurring any tax in UK or any other thing I should be aware of from a HMRC stand point. The sale abroad will be subject to local taxes.

option-2)
My parents who live abroad would like to send me a 'gift' of £35,000. This will be sent to my UK bank a/c from a foreign bank a/c. Will this attract any tax or any thing I should be mindful from a tax authorities perspective ?


I'd like to use either or both of the above 2 options for deposit for a home, so like to get some ideas.

thanks
Superman2012

My 2p worth, sell all property ASAP. All around the world property is now in a bear market. Wait until neaer the bottom before buy back in.

spadoosh

Jezzer1969 wrote: »

My 2p worth, sell all property ASAP. All around the world property is now in a bear market. Wait until neaer the bottom before buy back in.

I wouldnt even call that 2p's worth

spadoosh

Sorry op, dont know much about your situ, someone should be along shortly who should be able to help.

atush

Lots will depend on your residency during the period of ownership, and if the country iin which the property is has a dual taxation agreement with HMRC.

the 35K will be considered a gift, and may involve inheritance tax issues if the goftors fail to live another 7 years. They may or may not be non UK resident for tax now but may not remain so.