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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am a non-UK citizen. I no longer live in the UK.

Resolved Question:

Hello
I am a non-UK citizen. I no longer live in the UK.
In 2002, I brought a residential property in the UK for £60k. At the time, I was living in the UK. In 2004, I moved abroad. In 2 April of this year, I sold that property for £109k. My understanding is that because this falls within the previous CGT regime, there is no CGT for me to pay. I'd be grateful if you could confirm.
Please could you also advise on any other tax implications for this sale other than CGT.
Many thanks
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

You say you sold the property on 2 April 2015. Was that date the date that you exchanged contracts or the completion date, ie the date your solicitor would have received the sale proceeds from the buyer?
Customer: replied 2 years ago.

We exchanged and completed on the same date, 2 April.

Expert:  TonyTax replied 2 years ago.
Thanks.

CGT will affect non-UK residents selling UK residential property after 5 April 2015 so the fact that you exchanged and completed on 2 April 2015 means you have avoided that. For those affected, the tax charge will only be levied on the difference between the value of the property on 5 April 2015 and the disposal proceeds unless taking account of the entire period of ownership and original cost is more beneficial for the seller.

There are no other tax implications for you to worry about.

I hope this helps but let me know if you have any further questions.
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