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In 2013 I have sold a property in Russia

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Hello In 2013 I have sold a property in Russia for GBP 215.000, after 8 year leaving in UK and being a tax resident here. I purchased this property back in 2000, when I still lived and worked in Russia. Do I have to declare this sale for the purpose of
income tax and how much tax would I have to pay if any? Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloHMRC requires that all property in or outside the UK that is sold be included in your income reporting.You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.You may also have to pay tax in the country you made the gain. If you’re taxed twice, you may be able to claim relief.You would pay tax on the gain. Your gain is usually the difference between what you paid for your property and the amount you got when you sold.You can deduct costs of buying, selling or improving your property which reduce your gain. These include:estate agents’ and solicitors’ feescosts of improvement works, eg for an extension (normal maintenance costs don’t count, eg for decorating)You don’t have to pay tax if your total taxable gains are under your Capital Allowance (£11,100). If your gain is below then you do not have to do anything.
Customer: replied 1 year ago.
Is there any time period of ownership of the property after which the tax is reduced or not charged at all? I had this flat for more then 10 years. Thank you
Expert:  TaxRobin replied 1 year ago.
No the time period would not effect the reporting unfortunately.If you had owned it before April 1982 then your cost would be calculated differently but it is your being resident in Uk that makes you liable for UK reporting and tax.
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Experience: International tax
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