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.
- Unqualified accountants filing SATR, VAT returns etc for clients 201 4
- How to reward a long standing employee 161 2
- flat rate scheme 671 19
- Office 365 vs. Google apps 238 5
- Are you going to Tick and Bash on 21 May? 1,509 43
- New intermediaries reporting requirements 185 2
- Windows 7 to 8 should I go Excel or Office 365 187 3
- Special dividends & CGT 283 2
- Attachment of Orders 120 1
- Sage instant account codes 265 2
- Allocation of income from property 253 7
- Protocol to be followed for professional clearance 181 2
- Turnover on a tax return 716 13
- UK tax exposure 396 7
- Companies House Presenter Account 186 3
- regulated mortgage work? 235 3
- Employer Making Employee Calculate own Holiday Pay 195 1
- Non-UK resident - where to pay income tax? 302 8
- What do young accountants know that you don't? 2,310 11
- How much would you charge for an interim audit? 576 8