How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4723
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

My husband and I sold our jointly owned property in the uk

Customer Question

My husband and I sold our jointly owned property in the uk although we both now live outside the UK - we had the property let for 12 mths prior to selling it - do we have to declare it for Capital Gains Tax ?
Submitted: 7 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 7 months ago.
Thank you for your question.You may not have to pay any CGT but you are required to declare a gain from sale of your property.There have been changes to CGT rules for non-resident landlords with effect from 6 Apr 2015.More information on this can be found herehttps://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-lossand herehttps://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property 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.
Customer: replied 7 months ago.
Thanks for the references - I didn't realise that we needed to make the declaration - having completed this I see that we can claim Private Residents Relief - but can we also claim relief for the period when the property was rented - 01/08/14 to 31/07/15.
And I take it that although we weren't living at the property between 01/08/15 and its sale date of 22/12/15 we don't fullfill the day test thing but how does the 18 months get considered then?
Expert:  taxadvisor.uk replied 7 months ago.
Thank you for your reply and for additional information.Provided the property was your main residence at some point during period of ownership, you would claim- private residence relief for all the period the property was your main residence- additional relief for final 18 months of ownership (this would cover the period 01/08/2015 to 22/12/2015)- letting relief for the period the property was let (cover period 01/08/2014 to 31/07/2015)The 18 months of ownership is overlap period between period let and last 5 months. Based on this, it appears all gain would be covered by aforementioned reliefs.When completing supplementary pages SA108 - capital gains summary show your gain and also show the whole amount as private residence relief giving zero chargeable gain (if the above reliefs apply fully) I hope this is helpful and answers your question.I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.
Expert:  taxadvisor.uk replied 6 months ago.
Hi there, I hope I have addressed all points raised by you. If you are unclear on any aspect, please do come back.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    6894
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Last | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    6894
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    1772
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    464
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2596
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    268
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions