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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Bought an investment property whilst working overseas and non-domiciled

Resolved Question:

Bought an investment property whilst working overseas and non-domiciled for tax purposes, then returned to UK. For capital gains calculation purposes is the starting point of the property value at the point I returned to UK as I had it professionally valued just prior to my return? Or do I still have to use the purchase price?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Unless you bought the property before 31 March 1982, you use the original purchase price when calculating the gain or loss incurred on a property disposal. Take a look here for more information.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

So the fact that I was non-domiciled at the time of purchase has no bearing on the calculation? If I had disposed of the property before I returned I would not have been liable for any CGT, so I assumed that the starting point would be the value at the time of return - or is that just wishful thinking?

Expert:  TonyTax replied 2 years ago.
That was just wishful thinking I'm afraid. Not that it makes any difference, when you say you were non-domiciled, I assume that you mean you were non-resident.
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