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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I relocated from the UK to Hong Kong on July 1st 2015,

Customer Question

I relocated from the UK to Hong Kong for work on July 1st 2015, and have rented out my property. The property is my sole property, and I had lived there since I bought it in 2010, until I moved to Hong Kong. I am considering selling it either now or some time in the future, or would like to find out the tax implication.
1. What's the capital gain tax liability if I sell it in the short term, i.e. a few months to a near?
2. What if I sell it after a few years while I'm still working overseas?
3. What if I sell it in the future after I've relocated back to the UK?
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.
Thank you for your questionCGT implications1. What's the capital gain tax liability if I sell it in the short term, i.e. a few months to a near?There would be no CGT payable as your gain would be covered by private residence relief.2. What if I sell it after a few years while I'm still working overseas?If you become non-resident in the UK for tax purposes and were to sell your property after a few years your gain would be chargeable to CGT..For residential property held on 6 April 2015 and disposed of on or after that date, the 'default' position will be for the gain on disposal to be on the excess over the market value at 5 April 2015. Alternatively you may either elect to apportion the gain over original cost (or the market value at 31 March 1982 if acquisition was earlier) by reference to the proportion of ownership after 5 April 2015 compared with the total period of ownership, or adopt the overall gain or loss as chargeable/allowable.http://www.eversheds.com/global/en/what/articles/index.page?ArticleID=en/Tax_planning_and_consultancy/extending-cgt-non-uk-residents1404153. What if I sell it in the future after I've relocated back to the UK?If you were to relocate back to the UK and make it your main residence once again before you sell it, you would be able to claim private residence relief for all the period the property is your main residence, additional relief for final 18 months of ownership and letting relief up to a maximum of £40k.More information on private residence relief can be found herehttps://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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