foreign capital gains tax
I would be obliged if anyone could tell me if I am missing something here. The figures are rough so please don't pick any holes in them!!
A Cypriot property was purchased in 2002 for 59000 cypriot pounds - circa £64000 sterling. Converting this into euros at that date on OANDA is about €101,000, although Cyprus didn't enter the euro until 2008.
It was sold in 2009 for €130,000 less fees of €9000 = €121,000 circa £112,000 sterling which equals approx 64,000 cypriot pounds.
There was no capital gains tax to pay in Cyprus.
The cypriot pound and euro gains are relatively small however the sterling gain is circa £48,000. I believe it is this figure that the UK Capital Gains Tax liability should be based on but the client disagrees.
Any help / pointers in the right direction will be greatly appreciated.
- Are any of you agents for doctors? 372 2
- Do most of you still use MS Office? 172 6
- Should I move back home away from my office? 414 9
- P60 or payslips? 41 1
- Property income in different capacities 76 1
- Scanners 124 2
- IHT dilemma 1,360 21
- Warning for freeagent accountants using payroll import 174 1
- IT advisory questions? 151 5
- Entrepreneurs Relief 786 44
- Has anyone else come across VAT account suspensions? 107 1
- Ceasing in membership of ATT 507 7
- Director Personal Bank Account in company's books 456 8
- Sage payroll alternatives 619 12
- More AE! 646 14
- Moneysoft and People's Pension 130 4
- PAYE 1,639 17
- UK company paying dividend to foreign shareholder 1,119 16
- Relevance of UK Residency 122 2
- VAT Tax Point - Overseas Purchase 121 3
- Auto enrolment excuses 1,149
- Feedback on accounts production software for IFRS 794
- Add T&Cs to Sales Order in Sage 482
- Digita Hosted Software 316
- Credit where credit's due....... 265
- Director phone costs 225
- Buying goods in US and selling them to company in US 224
- General rule: Evidence that the customer is in business 197
- What to say to Tom, Dick and Harry... 181
- Flat rate VAT- other income calculation 147