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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own a property in India which was given to me by my

Customer Question

I own a property in India which was given to me by my father. Do I have to declare it to the UK authorities, and will I have to pay any Uk tax if I see it and bring the proceeds back to UK.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

Let me take a look at this and I'll get back to you.

Expert:  TonyTax replied 1 year ago.

Take a look at sections 5 and 9 on domicile and the remittance basis of assessment respectively here.

If you are non-UK domiciled you have the choice as to whether you pay UK tax on your non-UK source income and gains or not. The choices are:

1 You can choose to pay UK tax on your worldwide income and gains as a UK domiciled individual does or

2 If you elect for the remittance basis of assessment, you will pay tax on UK source income and gains and on non-UK source income and gains that you bring into the UK.

If you are UK domiciled, you are liable to UK tax on your worldwide income and gains regardless of whether you bring them into the UK or not.

Either way, you will be able to offset any tax paid in India on the gain from the UK liability on the same gain.

I hope this helps but let me know if you have any further questions.