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 TaxRobin Your Own Question

TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 13313
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

I am selling a property abroad and want to bring the same

Resolved Question:

I am selling a property abroad and want to bring the same amount I originally invested back into the United Kingdom. I will be leaving the gain abroad. Are there any tax implications?
Submitted: 4 months ago.
Category: Tax
Expert:  TaxRobin replied 4 months ago.

Hello

You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.

This is so even if you leave the gain abroad.

You may also have to pay tax in the country you made the gain. If you’re taxed twice, you may be able to claim relief.

Non-residents may have to pay UK tax on overseas property if they return to the UK within 5 years of leaving.

You do not have to bring the gain back to the UK for it to be taxed. If you are a UK resident then you are taxed on the gain.

Your gain is usually the difference between what you paid for your property and the amount you got when you sold it.

Customer: replied 4 months ago.
Hi,
How do i pay CGT if I'm not bringing the extra amount back. The property is in the UAE.
Expert:  TaxRobin replied 4 months ago.

You need to report the sell under self assessment. If you are a UK resident then it does not matter if the property is abroad or in the UK.

Customer: replied 4 months ago.
If the property is in joint names and one person is retired and does not pay tax, do they have to apply for a self assessment and pay CGT at the basic rate. I understand there is CGT relief that we can claim.
Expert:  TaxRobin replied 4 months ago.

You are allowed reliefs and if jointly owned then each reports based on their own ownership. The costs and sale are split and reported.

Individuals have an annual allowance of £11,100. If you meet the conditions for private residence relief (PRR), you do not have to pay capital gains tax on your main home. Both non-residents selling UK residential property and UK residents selling residential property abroad may still be able to get this relief if they meet new qualifying conditions.

TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 13313
Experience: International tax
TaxRobin and other Tax Specialists are ready to help you
Customer: replied 4 months ago.
OK Thanks. Thats not going to make a dent in the gain value unfortunately.
Thanks for your help.
Expert:  TaxRobin replied 4 months ago.

You are most welcome.

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