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My son in law bought a house in England before he married my

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My son in law bought a house in England before he married my daughter, they went to Dubai to work, let out the house , thinking they would return, on coming back to the UK they moved to Northern Ireland to be near family , I paid for a house for them to live in, put it in just my daughter's name as the other house was just in her husbands name , they need to sell the house in England now as they have 5 children to put through university, with the changes in capital gains tax how will they stand
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Providing that your son in law has spent over five whole tax years non resident in the UK then he will be liable to Capital Gains Tax (CGT) on any gain made on sale from an April 2015 valuation. He has an Annual Exempt Amount (AEA) of 11.1K to offset this gain and, if he lived in the house before letting, then he might be entitled to Lettings Relief (LR) up to 40K also. When the pair of them left the UK did they complete a Form P85 and send it to HMRC or the Inland Revenue [before HMRC was formed]? If they did not they should do so immediately. Fortunately there is no time limit to the submission of a P85, it is available on the web and can be filed on line. On receipt HMRC will classify them as non resident for tax purposes. They will find dealing with HMRC much easier if they employ the P85 procedure. I do hope that you have found my reply of assistance.
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Expert:  bigduckontax replied 10 months ago.
Thank you for your support.

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