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Good Morning, I have previously used your service in respect of a UK legal matter and now find myself in need of advice relating to the sale of my home in Portugal. The facts are as follows: 1. On 11th March 2004 my wife paid €130,500 to purchase a property in Portugal. At that time both she and I had been resident in Portugal and that remained the case until the property was sold. 2. On the 4th December 2007, via a "Deed of Donation", my wife donated 50% of the property to me. The value attributed to the donation was €70,000 and I paid the sum of €3,433 in legal charges and costs related thereto. 3. On the 2nd December 2013 we sold the property for €178,000 from which we subsequently paid a total of €8,000 in respect of sales commission and IVA. Prior to the sale of the property I believed that there would be no Capital Gains Tax payable provided the profit was reinvested in a main home within the EU. A Portuguese lawyer has subsequently verbally advised that if the money is reinvested via the purchase of a main home in the UK (as we intended to do), we would be liable to CGT in Portugal as the UK is outside of the Euro-zone. We have both returned to the UK and intend to resume permanent residency here but are now concerned as to our legal position in respect of any potential CGT liability in Portugal. My questions are as follows: 1. Based upon the above information, what is MY potential liability for CGT? 2. Based upon the above information, what is my Wife's potential liability for CGT? 3. What is the LEGAL position with regards XXXXX XXXXX the proceeds from the sale of our former principle home in Portugal, into a principle home in the UK? Any guidance you can give on the above would be greatly appreciated. Yours Sincerely, XXXXX XXXXX
Sorry, I thought I was filling in a general enquiry application that would be directed to an appropriate expert once it had been received, this is what happened the last time I used the service.
IF you have an appropriate expert who will be able to provide the necessary answers I should be obliged if you could transfer the matter to them, if not then I will need to seek the answers elsewhere.
Sorry, but did you receive my reply to your response. I am having trouble with the internet but cannot be certain that my reply was sent, as indicated.