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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15312
Experience:  International tax
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What is tax treatment UK residents on disposal of their

Resolved Question:

What is tax treatment for non UK residents on disposal of their only UK home
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloYou may have to pay Capital Gains Tax when you sell (or ‘dispose of’) your UK home if you’re not resident. This only applies if you sold your home after 5 April 2015.In most cases you won’t have to pay tax if you sell your home before 6 October 2016. You must have lived in it as your only or main home at some time before 5 April 2015.This is because:you get a tax relief called Private Residence Relief for the last 18 months you own your homenon-residents only pay tax on any gain made since 5 April 2015You have to work out your gain. There are 3 ways to calculate your gain or loss:using the market value at 5 April 2015by working out the gain over the whole period (date property was acquired to date it was disposed of) and then working out what the gain since 5 April 2015 is as a proportion - known as time apportionmentby working out the gain over the whole period
Customer: replied 1 year ago.
Ok, so my daughter has a property ( no mortgage) for about 12 years. She is in OZ but wants to dispose of property in London and buy some thing else in UK with proceeds. She lived in property for first. 4 years. I suspect based on your earlier comments that she has made about £100k gains since April 2015. So I assume she would pay CGT on that £100k - about £40k. Would she then be free to start again as is her intention with another UK property purchase?
Expert:  TaxRobin replied 1 year ago.
Yes she would pay tax on the amount of gain that is made from April 2015 to sell date.She would be allowed to start again after the sell.When you actively click on a rating and click submit, that lets Just Answer know you were assisted and credits me for the time.
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