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Capital Gains Tax: A Greek gentleman bought a property

Resolved Question:

Capital Gains Tax:
A Greek gentleman bought a property for £300,000.0
1. Spent £100,00 to ernhance the state of property.
2 Made a profit of £80,000.
3. Should he declare CGT through a Limited Company and/or personal Assessment,
4. Is free from paying CGT as he is non-resident and non-domiciled?
5. For how many days he can stay in UK within a year .
Sunder
Mohan J Mitra
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
There is no liability to UK Capital Gains Tax (CGT) as he is not resident or domiciled in the UK. If the contracts are exchanged after 6 April 2015 then he might be liable on any gain made from an April 2015 valuation. If he exchanges before April 2015 there is no requirement to declare the gain at all. Were he to exchange after April 2015 then any gain would be taxed as I explained, but he would have an Annual Exempt Amount (AEA) [14/15 rates] of 11K to offset that.
Companies are not subject to CGT, any gain being part of the company's profit for the year and exposed to the Corporation Tax regime. Companies do not have an AEA so that route is probably a dead duck.
He can remain a non resident provided he spends no more than 91 days in the UK in any one tax year. This can be averaged over four years, but the general consensus of expert opinion on this site is never to exceed the 91 days in any tax year. If he spends over 183 days in the UK he will be liable to UK taxes.
I do hope I have shed some light on the gentleman's situation for you.
Expert:  bigduckontax replied 2 years ago.
This post is to clear my question list as it has come up again. A well known Just Answer glitch!
Customer: replied 2 years ago.
Relist: Other.
I needed further clairfication.
Expert:  bigduckontax replied 2 years ago.

Please tell me what additional information you require and I will be glad to assist.

Customer: replied 2 years ago.

This means that after April, 2015, one will have to declare CGT to HMRC and pay for the tax..

Expert:  bigduckontax replied 2 years ago.
Yes, but if he sells before there will be no CGT liability.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3117
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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