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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 14004
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I had a property Abroad which i have sold and i want money

Customer Question

Hello
I had a property Abroad which i have sold and i want money transfer to my UK account so i want to know what are the tax implication on it.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

Hi

Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.

There may be capital gain implications of the sale of this property, but could you let me know a little more please so I can establish this so

1) Are you a British citizen and live in the UK

2) When did you purchase and sell this property

3) Was it ever your main residence - if so please advsie dates

4) Did you rent this property out - and if so did you declare rental income to HMRC

I can then advsie further

Thanks

Sam

Customer: replied 1 year ago.
Hi I am a british `citizen and i do live here.
This property was bought in January 2016 and sold 4 months later.
It was never my main residence it was just a land with building.
Never rented it.
It was just for investment purpose.Thank
Expert:  Sam replied 1 year ago.

HI

Then if you have made a profit on the sale, you will have a capital gain to declare to HMRC and if its more than £11,200 (this is this years exemption allowance) then you will have capital gains tax to pay.

If you complete self assessment tax returns then add this capital gain position onto your self assessment return for the relevant tax year, if you do not complete self assessment return then you need to register with HMRC to do so.

Do let me know if I can assist further. however it would be appreciated if you could rate me for the level of service I have provided, or click accept (if you have all that you need)

Thanks

Sam

Customer: replied 1 year ago.
I have another question.My dad runs a textile clothing manufacturing company abroad. He is the `chief Executive of that company and it's a family business. i wanted to know if he was to gift me some money from his account into my UK personal account would there be any problem related to Tax or an other.
Expert:  Sam replied 1 year ago.

Hi

As this is a new question. then as per Just Answer policy you can either

1) List a new post with a new amount offered OR

2) I can offer additional services for an extra fee

But it would be appreciated if you can rate this question first

Thanks

Sam