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Sam
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Category: Tax
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I have lived abroad 10 years but still have a property

Resolved Question:

I have lived abroad for around 10 years but still have a property in the UK (scotland) which I do not use as a residence. I have owned the property for 20 years. I recently saw an article on the web that said the rules on CGT on the sale of such property had changed.
The implication was that the tax was now to be levied if the property was sold but that if the property was professionally valued by the 6 April 2015 that the tax would only be chargeable on the difference from the valuation to the selling price.
Is this the case and was the 6 April the cut off date or could I get my property valued now and use this as the base line for CGT if I sell in the future.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
It is essential that you get your property professionally valued - but it did not have to take place exactly on 6th April to make this valuation valid.
But for ALL non residents where a sale of a property (whilst they are living or working abroad)takes place in the UK will now create a liability to UK capital gains tax but ONLY on any increase in value from 6th April to the sale date. (any gain made up to 05/04/2015 will continue to apply as before)
So certainly the sooner you get that valuation undertaken the less change of any potential value will be questioned by HMRC - when and if the time comes that you decide to sell.
Let me know if I can be of any further assistance
Thanks
Sam
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