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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Over 10yrs non UK resident expat with UK properties returned

Customer Question

Over 10yrs non UK resident expat with UK properties returned a yr ago ie 2013/14 tax yr. His 3 investment properties gained in total value of 750k (say 250k each) . is it true such a person can lock these gains legally and that no CGT will apply up to
the revised figures. How to go about it please?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.
I'm afraid not. Your gains will be taxable subject to reliefs and exemptions as if you had never left the UK. It has never been the case that the gains accrued but not realised whilst the owner is non-resident are exempt from CGT in the UK if and when they return. The only way that can happen is if the assets are sold while the owner is non-UK resident, at least up to 5 April 2015 in the case of UK residential property.
Prior to 6 April 2015, non-UK residents could sell UK residential property and other UK assets UK tax free. From 6 April 2015, gains made by non-UK residents on the disposal of UK residential property became liable for UK CGT but only on the gain accrued since 5 April 2015. There are a couple of other methods that can be used if they are to the taxpayer's advantage.
I'm sorry to be the bearer of bad news. Let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
You appear to be duplicating the question that I have answered here.

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