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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13946
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Hi can you tell me please, what are the tax implications on

Resolved Question:

Hi can you tell me please, what are the tax implications on money coming into the UK from Thailand. ( we have just sold a property out there). Many thanks,
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Hi

Thanks for your question. I am Sam and I am one of the UK tax experts here on Just Answer.

The act of transferring the money into the UK, in itself has no UK tax consequences, but the fact that this money arises from the sale of a property may well do.

Can you tell me a little more about this property?

When did you acquire/purchase it
How much did you purchase it for (approx. value in sterling)
Was this your main residence - if so what dates did you live here
Was it a holiday home?
Did you rent this property out, if so have you declared the rental income to the relevant tax authorities
When did this property get sold
The sale value (in sterling please)

I can then advise further


Thanks

Sam


Customer: replied 3 years ago.

Thank you.


Property was bought in the year 2000 for approximately £150,000. We are UK residents and we have used it as a holiday home.


It has never been rented and it is on the market now for approximately £330,000.


Thank you again, Denise

Expert:  Sam replied 3 years ago.
Hi Denise

Thanks for your response and the additional information

You will then have a capital gain to declare to HMRC, as you have made a profit of £180,000 from this property (and if in joint names then a gain of £90,000 each)

From this initial gain you can deduct
1) The costs to buy (such as legal fees)
2) The costs to sell (such as legal fees)
3) The costs of any capital improvements (such as a new bathroom or kitchen etc)

When these costs have been deducted, then for each of you the first £11,000 is exempt, with any remaining gain liable to capital gains tax.

You should alert HMRC to the sale of this property.

Let me know if you have any follow up questions, but it would be appreciated, if you could rate the level of service I have provided (or click accept) as this credits me with the time I have given.

Thanks

Sam


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