Personal Capital Gains Tax

Personal Capital Gains Tax

Didn't find your answer?

My wife and I live abroad, in an EEC country, but own a house in UK which we have rented out for last 9 years. We have never lived in it. Are we liable to Capital Gains tax if we sell the house, although it is our only UK property?
I have read that there is going to be a change in the Capital Gains Tax at the budget this April. Is this the case, and if so, from a tax perspective, are we better off selling before the budget or after?
MP

Replies (1)

Please login or register to join the discussion.

Euan's picture
By Euan MacLennan
21st Jan 2008 12:10

No
If you have not been resident in the UK for tax purposes for the last 9 years, you are not liable to UK CGT on the sale of property in the UK either at the time or if you subsequently return to the UK. The Chancellor has announced changes to CGT from 6 April 2008 (although many suspect that in the absence of essential clarification, he will have to delay implementation), but the proposed changes do not include taxing non-residents on capital gains in the UK.

Thanks (0)