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capital gains tax issue
AMI100
Posts: 2 Newbie
Hi, I am wondering if someone can help with my question. My family and I lived in Germany and while there we bought and lived in an apartment, we lived there for 5 years. Suddenly we had to move back to UK in August this year and would like to sell the apartment in Germany to buy one in UK. We only own 1 apartment, the German apartment. Do we have to pay CGT even though we are selling our only home and do we have to pay CGT in Germany because we are no longer resident there. Any help on this would be wonderful. Many thanks.
0
Comments
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it would be better if you posted this on the cutting tax board where the accountants reside...
initial thoughts:
1. you appear to have resided outside of the UK for 5 years and therefore appear to qualify as non resident for your income in that period, but
2. you are now back in the UK and are therefore liable for UK tax on your worldwide income and gains but it appears to be your main home so exempt from CGT
3. I doubt there are many German accountants on a UK board... - read up on the tax treaty for Germany as to any tax liability in Germany
http://www.hmrc.gov.uk/taxtreaties/in-force/g.htm0
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