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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am not resident in the UK. I have been gifted a part in a

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I am not resident in the UK. I have been gifted a part in a property. The plan is to sell the property .what are the tax implication in me taking the money out of the UK ?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.
There is no tax on gifts received under UK tax system. You say you have been gifted a part in the property.
If there has been an increase in the value of your share in the property, then the increase would be chargeable to capital gains tax. You would be able to claim your annual exempt amount against it (i.e the first £11,100 would be tax free) and the rest would be chargeable to CGT.
You should make your bank aware of the impending transfer of money out of the UK to comply with Money Laundering Regulations.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
What does increase in the value of the property mean ? Increase from when? So if the value of the property is 280,000 shared by 4 people, We can each take our share of 70,000 out of the UK with no tax implication.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
Increase means increase in value from the time the property was first gifted to you up to point of sale. If the property was valued at £280k when it was gifted to you and the valuation at time of sale is £300k then the gain is £20k divided by 4 i.e. £5k each.
As this is within the annual exempt amount, there would be no CGT payable.
In the above example, you could take out your share of £75k without any UK tax implications.
I hope this is helpful.
Customer: replied 1 year ago.
Thank you. My mom is not resident in the UK. She has a property in the UK and other properties outside. Would the property in the UK be subject to IHT. Is gifting the property a good option ?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your UK.The property in the UK would be subject to IHT. More information on inheritance tax implications when someone living outside the UK dies is covered herehttps://www.gov.uk/inheritance-tax/when-someone-living-outside-the-uk-diesGifting is a good option. Provided the person making the gift survives for 7 full years after it, the gift is exempt from IHT.I hope this is helpful.If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it by Just Answer.
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
Will do and thank you.
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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