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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I bought a buy to let property in March 2010 and sold it in

Customer Question

I bought a buy to let property in March 2010 and sold it in August 2014.
In May 2004, I moved overseas & was non resident for UK Tax until I moved back last August 2014.
So for 10 years I was a non UK resident.
Will I need to pay CGT on the sale of my buy to let property, mindful that I was not a UK Resident?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Firstly, when you left the UL did you complete a Form P85 and send it to HMRC? If you did not you should do so immediately, fortunately there is no time limit as to its submission, it is available on the web and can be filed on line. On receipt HMRC will classify you as non resident. You are not liable to UK CGT on the gain made on this property. You just slipped in under the wire as the rules changed from 6 April 2015! In any event the last 18 months of ownership don't count for CGT on property, even HMRC realise that you can't dispose of a house as quickly as you can a second hand car! If you want you can read all about these rules here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413988/capital-gains-tax-non-uk-res.pdf I do hope my reply has put your mind at rest.
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Expert:  bigduckontax replied 1 year ago.
Thank you fpr your support.