Jigs
Blogger
Share this content
0
263

Sale of Property

split year treatment

An individual who has been a non uk resident for 12 years returned to the UK on 1st May 2016. Having read the guidance I am happy split year treatment is relevant and therefore he is a resident in the UK from 01/05/16 onwards.

On 5th May 2016 he sold a UK property, my understanding is that if he had have continued to be a non resident, he would have paid CGT on the difference between sales price and value at 5th April 2015. However am I right in assuming that because at the point of sale he was a UK resident that I now need to deduct the original cost (from 1990 purchase date) from the sales proceeds which is going to result in a much larger gain?

Replies

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.

Share this content