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F. Naz
F. Naz, B.Com
Category: Single Problem
Satisfied Customers: 5346
Experience:  Have completed B.Com and CA Finalist
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Uk Tax bigduckon tax, The investor is non-domiciled and

Customer Question

Uk Tax bigduckon tax, The investor is non-domiciled and non-resident. He bought a property and refurbished and is in the process of selling it at a profit of £40,000..... CGT. Can he and his wife claim Capital Allowance of approx... £11,000. If the profits
lie within basicc rate, we apply 18% and if above , then 28%. Please reply. With regards,
Submitted: 2 years ago.
Category: Single Problem
Expert:  F. Naz replied 2 years ago.
The person who is non resident of U.K is exempt from the CGT for the profits of U.K . Which means that the investor do not need to pay any tax on the profits of 40,000 so ultimately they cannot claim the capital allowance in this case.
Customer: replied 2 years ago.
Which world you live in. Your answer is not up to date in accordance with new law.
Expert:  F. Naz replied 2 years ago.
Okay, I will go through it and come back to you soon, thanks.