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bigduckontax
bigduckontax, Accountant
Category: Tax
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As a non UK resident, since the April budget, am I now liable

Customer Question

As a non UK resident, since the April budget, am I now liable for CGT on property held within the UK when sold, and if so, what is this % rate?
Thank you.
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Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello Steve, I am Keith one of the experts on Just Answer and pleased to be able to help you with your question.Yes you are liable for CGT so only on any gain between selling price and value as at 6 April 2015 and then only for residential property. The tax rate is 18% or 28% or a combination of the two rates depending on your UK income including the gain in the year of sale. You do have an Annual Exempt Amount (AEA) of 11.1K. If the property has been let then you may be entitled to Lettings Relief instead of the AEA up to 40K. I would urge you to obtain a valuation as at 6 April 2015, the start of the UK tax year. If the property is not residential then there is no CGT liability as yet, but we have a General election on Thursday and heaven knows what will happen then! I do hope I have enlightened you as to your situation.
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.