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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15929
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have a question regarding Capital Gains Tax on rented

Customer Question

Hi,
I have a question regarding Capital Gains Tax on rented property, which I am about to sell and I have been living in India for more than 5 years and I have not been in the UK for more than 90 days at any one time. Am I subject to CGT on my sale ?
thanks
Shaf
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
I would also like to keep our email exchange and your advice on file in case I am questioned by the hmrc, if that's ok with you.
Thanks
Shaf
Expert:  TonyTax replied 1 year ago.
Hi. This question will remain open to you to look at for as long as you wish to. Take a look at the pages linked to below for information on how to report any capital gain you make and your choices as to how to calculate it as a non-UK resident owner of a UK residential property which you wish to sell. https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss As you probably know, gains made on the disposal of UK residential property prior to 6 April 2015 were exempt from CGT in the UK. That is no longer the case but it doesn't necessarily means you will have CGT to pay. There are three methods of calculating the gain and you can use the one most advantageous to you which will be dependent on the facts and figures of your case. The likelihood is that the method whereby you use the 5 April 2015 value of the property as your acquisition cost (as opposed to the original acquisition cost) will be the one most people will use given how prices have risen in the UK over the last 20 years or so. I hope this helps but let me know if you have any further questions.

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