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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5015
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have lived and worked in the UAE since 2009 - I am a

Resolved Question:

Hi - I have lived and worked in the UAE since 2009 - I am a British Citizen and I own a property in the UK which i want to sell. Am I liable for CGT on this sale?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

As a non-resident in UK for UK tax purposes, due to changes in tax rules relating to sale of residential property wef 6 Apr 2015, any gain made between a valuation on 6 Apr 2015 and date of sale is chargeable to CGT. You would claim gains annual allowance (current tax year £11,100) against the gain and the rest would be chrageable to CGT at 18%, 28% or a combination of both depending on your UK taxable income in the year of sale

More information on CGT on residentail property for non-residents can be found here

https://www.gov.uk/capital-gains-tax-for-non-residents-uk-residential-property

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.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Ok - Just to clarify. What constitutes a valuation?

My house was valued by an estate agent at 440k In March 2015. So if i sell for any price less than this i am liable for Zero CGT?

Also, I have no UK taxable income - I live and work in the UAE so what does this mean for the CGT should there be any?

Expert:  taxadvisor.uk replied 2 years ago.
Duncan, thank you for your prompt reply.

You have a valuation by an estate against in Mar 2015. This would suffice for CGT purposes. Ideally, it would be better to have at least two independent valuations.
Net proceeds of less than £440k (after agents fees etc) would mean no CGT payable.

If there is no other taxable income, then the gain made would be deemed income to ascertain what rate of CGT applies. First £31,785 of chargeable gain taxed at 18% and the rest at 28%.

I hope this is helpful.
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.