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Non Resident - CGT on Property Sale
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mxyzptlk
Posts: 3 Newbie
Good morning all.
I have a property in the UK which I purchased in 1986 which was my main (only) residence in the UK. I left the UK in August 2009 to live in South East Asia. I submitted form P85 to HMRC to inform them of my departure. The propery remained empty between August 2009 and November 2010 at which time I began renting the property out. I notified HMRC of this rental income and each year I submit a tax return which they send to me in SEA. Now I am trying to sell the property. I have only been in UK for 15 days since August 2009 and have no intention of returning to the UK to live.
Questions:
When I sell the property will I have to inform HMRC on that year's tax return?
Will I be liable to CGT?
Thanks in advance.
I have a property in the UK which I purchased in 1986 which was my main (only) residence in the UK. I left the UK in August 2009 to live in South East Asia. I submitted form P85 to HMRC to inform them of my departure. The propery remained empty between August 2009 and November 2010 at which time I began renting the property out. I notified HMRC of this rental income and each year I submit a tax return which they send to me in SEA. Now I am trying to sell the property. I have only been in UK for 15 days since August 2009 and have no intention of returning to the UK to live.
Questions:
When I sell the property will I have to inform HMRC on that year's tax return?
Will I be liable to CGT?
Thanks in advance.
0
Comments
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not yet, but it is coming
https://www.gov.uk/government/consultations/implementing-a-capital-gains-tax-charge-on-non-residents0 -
Thanks, I was aware of HMRC's intentions, but as yet haven't read the consultation, so thanks for that link.0
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But doubtless you will owe tax to your country of residence.0
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There is no system for collecting CGT in the country that I reside in. Also, CGT arising from outside that country is not taxable AFAIK.0
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