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bigduckontax, Accountant
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We wish to withdraw an investment, on which we have lost a

Customer Question

We wish to withdraw an investment, on which we have lost a considerable amount of money, in order to buy a house in the UK. Are there any tax implications?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Where are you resident for tax purposes, please?
Customer: replied 3 years ago.

My husband is resident in the UK for tax purposes and I am resident in Belgium.

Expert:  bigduckontax replied 3 years ago.
Presumably you have made a loss on an asset of some sort, property or shares. If so that will create a capital loss which you should report on your annual tax return. It can then be carried forward against future capital gains.

If you occupy the UK house you buy then there are no Capital Gains Tax (CGT) implications as you will receive Private Residence Relief. If, however, it is a second home, then when you eventually sell there will be a CGT liability on the gain, if any. You have an annual exempt allowance of 11.1K (current rate) and maybe Lettings Relief also plus the loss aforementioned.
Customer: replied 3 years ago.

We are in the process of withdrawing our investment for purchasing a house in the UK. Does this money have to be declared to the Tax authorities at this stage?

Expert:  bigduckontax replied 3 years ago.
No, it won't need to be declared until you submit your 14/15 tax return which is well over a year ahead!

Movement of moneys across borders may attract authorities attention as a precaution against money laundering, but properly documented this is not a problem. It does not have any tax implications.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3612
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.

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