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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am selling two commercial properties in England. I have owned

Resolved Question:

I am selling two commercial properties in England. I have owned them for over fifty
years. I have been domiciled in New Zealand since the 1950's. I understand that I do
not have to pay Capital Gains Tax, is that correct?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Do you let the properties out to tenants?
Customer: replied 1 year ago.
Yes
Expert:  TonyTax replied 1 year ago.
Thanks. If you make gains when you sell the commercial properties and you are non-UK resident when you sell them then those gains will not be subject to Capital Gains Tax in the UK. Clearly, you should take advice as to your NZ tax situation. I hope this clarifies your position but let me know if you have any further questions.
Customer: replied 1 year ago.
These 2 commercial properties were originally the subject of a family trust. The trust was closed in 2008 after the death of the
last original family beneficiary. Any and all taxes due at that time were paid and the properties reverted to the joint ownership
of the 3 remaining grandchildren of whom I am one. The other two have lived in England all their lives.I understand that they may be liable to pay CGT but I am not. Is that correct?
Expert:  TonyTax replied 1 year ago.
That would be correct.
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