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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5028
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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We are selling property abroad and want to bring money in We

Resolved Question:

We are selling property abroad and want to bring money in
We will pay cgt in India
What tax liabilities will I incur in uk
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello and welcome to JustAnswer. I am here to help you. I will review your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question. As a UK resident for tax purposes you are taxed on your worldwide income and gains.

You report the gain made from sale of property on supplementary pages SA108 when you file your tax return.

You claim foreign tax credit relief against tax suffered on that gain in India.

CGT rate applicable would be 18%, 28% or a combination of both depending on taxable income including the gain. You would claim annual gains allowance against the gain and the rest is taxable.

I hope this is helpful and answers your question.

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Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

Best wishes