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.
- A change from the old Q v NQ debate 2,635 54
- Personal Allowance for non residents 365 9
- Vat 84 3
- PAYE 100 3
- xerocon 71 1
- SA online - 4 hour limit 1,098 10
- Unemployed Accounting Graduate - Need Advice - Small Firms 156 1
- VAT: option to tax 113 2
- IHT dilemma 300 11
- Share Valuation 66 2
- Dormant company or not? 317 13
- VAT - Land Related Services 96 1
- Best form of debt recovery 168 3
- Backdating VAT claim 54 1
- WIP recognition for builders 377 8
- Do I need to keep subscribing to CIMA post qualification? 310 15
- BTL property solely in wife's name - can she split rental income with husband? 192 5
- Prior Year Adjustments 121 2
- Share Issue 220 1
- Payment of Capital from and LLP and Corporate member 152 11
- Feedback on accounts production software for IFRS 656
- Property let at a reduced rate - losses brought forward 521
- Auto enrolment excuses 502
- Removed post 370
- Add T&Cs to Sales Order in Sage 348
- Social investment tax relief 162
- Call Centre Data Costs 156
- Patent Box and worldwide patents 155
- Digita Hosted Software 140
- option to tax 127