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I am not a UK resident nor domiciled in the UK. I left the

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I am not a UK resident nor domiciled in the UK. I left the UK 17 years ago. I bought a flat in London over 25 years ago which is owned in the name of an overseas company. It is the only property I own in the UK. I sold this flat and I intend to use part of the proceeds to buy another flat as a gift to my son and daughter.
My son is a UK resident and my daughter is not a UK resident. Could you please advise me if there is any tax implication in this matter.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

Firstly, when you left the UK did you complete a Form P85 and submit same to HMRC? If you did not then you should do so immediately. Fortunately there is no time limit for its submission, it is available on the net and can be filed on line. HMRC will then classify you as non resident.

Unfortunately, you do not own any property in the UK. Your flat in London is owned by an overseas company. On completion of the sale the company will be liable for Capital Gains Tax on the gain made between the selling date and the value as at 6 April 2015.

If the company then decides to buy a property for your children then this is not affected by UK taxation.

My answer takes no account of the taxation regime of the country in which the company is domiciled. This could have a dramatic effect and you should consult a trusted, local practitioner in the matter.

I do hope that I have been able to shed some light on the situation for you.

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3384
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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