Hi I do live in UK since the last 9 years and am British citizen now. I never lived there since moving to UK and didn't have any rental income from the property. Hope this helps.
Oz, thank you for your prompt reply.The property is deemed as a second home (investment) for capital gains tax purposes and any gain arising from sale of it would be chargeable to capital gains tax, I'm afraid.You will claim gains annual allowance of £11,000 from the gain and the balance would be taxed at 18%, 28% or a combination of both depending on your income including the gain in the year of gain.The gain would be the difference between the value at the time of transfer of property to you and the selling price.If this gain has suffered any foreign tax in Turkey, then you would be able to make foreign tax credit claim against it.
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Thanks for your speedy response. Is there a way to minimise the tax impact i.e. by investing the fund to buy a property, or cash ISA etc.?
Thanks. After your feedback, I've made a lot of research. Still not sure that this overseas property needs to be taxed, as I don't own a house in the UK, thus it is not a 2nd/investment home and all the time, my mother was living there, so I didn't have any financial gains. If I had a main home in the UK and I would be selling it, it would be exempt from CGT, so why my home overseas is liable to CGT, if I don't own a home in the UK?
Appreciate if you could have another look...
Thanks, appreciated. In that case, I'll rethink, whether we should sell it. Sorry for troubling you.