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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am a British national and have been non resident since

Customer Question

I am a British national and have been non resident since 1989.... I now live in Germany. In 1998 I purchased a London flat as a buy to let investment. The capital gain is around 500k at today's value. If I sold now approximately how much CGT would be payable?
Submitted: 3 months ago.
Category: Tax
Expert:  TonyTax replied 3 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 3 months ago.

You should read the notes here and here. You need to report your gain to HMRC within 30 days of the completion of the sale of the property.

The information in the second link above gives you three ways of calculating the gain for CGT purposes. You will probably be best off choosing to use the 5 April 2015 value of the property as the "cost" for CGT purposes as opposed to the price you paid in 1998. If you do, then only the increase in value since 5 April 2015 will be chargeable to CGT. The first £11,100 of your gain will be tax free due to the annual CGT exemption. Your UK income is also used in assessing how much CGT you pay.

Us the calculator here to estimate your UK CGT liability. It will ask you for information so that it can assess your CGT. If the property was ever your main home, then you will pay less CGT because of that.

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

Expert:  TonyTax replied 2 months ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.

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