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Disposal of property in the US

Foreign tax relief available to offset

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Hi all

I sold my holiday home in the US at the end of March 2019 and I am aware I need to declare this on my UK tax return as I am UK domiciled and resident.

I have used an accountant in the US who has advised that my US taxes won't be dealt with until next year however I would like to complete my UK tax return now.

Question is how do I know what US tax I can offset against the UK tax if this Won't be dealt with until next year. When I sold the property a percentage was withheld over there which I can claim back next year minus the tax I owe.

As I wont know the tax by the time I submit my UK tax return, do I simply have to pay full UK tax on the gain and amend my tax return once I have had the US tax position confirmed so that it can then be offset? The UK gain is approx £95k. 

Many thanks.

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By Accountant A
24th Jun 2019 21:48

propertyman wrote:

The UK gain is approx £95k. 

Your UK tax adviser will deal with all your queries for a very small proportion of your gain.

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By zarar
24th Jun 2019 22:52

You need to ask your accountant

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