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Buachaill, Barrister
Category: Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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Conveyancing of property sale - rules with no residents

Resolved Question:

conveyancing of property sale - rules with no residents selling UK property: duty of solicitor.
Is it duty of solicitor to hold back from non-resident seller large amount of money left (after mortgage repayment deduction) in order to secure money for potential Capital gain tax payments? What is the procedure
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear Rafal, there is no such thing as a "withholding Tax" payable by a non-resident taxpayer selling UK residential property. However, there is an obligation on the non-resident to file a Tax return and pay any tax due within 30 days of the day of the sale. So most solicitors will insist that this is done as part of the sale procedure, before any monies are removed from the country.
Expert:  Buachaill replied 1 year ago.
2. A non-UK resident disposing of UK residential property must file an "NRCGT return" with HMRC within 30 days of completion of the disposal to which the return relates. Generally, an NRCGT return must include an "advance self-assessment" of the amount that is notionally chargeable for the tax year, or additional amount if a previous NRCGT return for the year has been made. Payment of any tax due will be required on or before the relevant filing date. "NRCGT" means Non Resident Capital Gains Tax return.
Expert:  Buachaill replied 1 year ago.
3. Here is a link to the "NRCGT" return form with the HMRC.
Expert:  Buachaill replied 1 year ago.
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