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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I own a flat in Richmond purchased 10 years ago. It was my

Customer Question

I own a flat in Richmond purchased 10 years ago. It was my residence when I loved and worked in the UK. 5 years ago I moved abroad and have since rented out the flat. I am now living in Denmark I am Danish and plan to sell the flat. Will I be eligible for any capital gain in such a case?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. Changes to CGT on residential properties sold by non-residents for UK tax purposes were introduced from 6 Apr 2015. 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. More information on this can be found here ..look at "How is the gain calculated"http://www.eversheds.com/global/en/what/articles/index.page?ArticleID=en/Tax_planning_and_consultancy/extending-cgt-non-uk-residents140415You may find using the market value at 5 Apr 2015 to calculate the gain on sale may be of advantage to you. 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.