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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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My wife is selling her French property. There will be some

Resolved Question:

My wife is selling her French property. There will be some capital gains. Two questions:
1 Is the tax payable in the UK the normal UK tax minus what is paid in France?
2 Is CGT payable in the tax year the property is sold, or in the year the cash is brought back to the UK?Many thanks
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..CGT is payable on based on the year the property was sold and not in the year the cash is brought back to the UK.If you sold the property in tax year 2014-2015 then it would be reported on your tax return for year ended 5 Apr 2015.Tax payable in the UK is CGT at 18%, 28% or a combination of both depending on your total taxable income in the tax year including the gain.You claim foreign tax credit relief against any tax suffered in France on this gain by completing supplementary pages SA106-Foreign.I hope this is helpful and answers your question.
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Expert:  taxadvisor.uk replied 1 year ago.
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