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Sam
Sam, Accountant
Category: Tax
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I have sold a 100 acre wood situated in Romania. I am a UK

Customer Question

I have sold a 100 acre wood situated in Romania. I am a UK citizen and resident. Do I have to pay capital gains tax in the UK?
Submitted: 4 years ago.
Category: Tax
Expert:  Sam replied 4 years ago.

Hi

 

Thanks for your question


As a UK citizen you are liable to tax on all your income and gains in the Uk, so yes you will be liable to capital gains tax on the sale of this land in Romania.

 

If you are subject to tax on this in Romania itself (and it would be worth you seeking local advise in Romania also) then this can be offset against any gain that arises in the UK.

 

But you should advise HMRC when this sale has gone through, so they can arrange to issue with a self assessment tax return after the year end of sale, so you can declare this gain.

 

Thanks

 

Sam

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