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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7302
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have question on capital gains. Bought a house in December

Customer Question

Hi,
I have question on capital gains.
Bought a house in December 2008 for £227k.
Left to work abroad as expat on contract. From May 2014 house was rented out to tenants.
Came back to UK in November 2014 but my new job was located to far away from my house and I was letting flat close to new work. It was not commutable distance.
Now I am selling it with completion on October 2016 for £371k.
Is there capital gain tax I need to consider? Are there any exceptions I can use/clam
Thank you
Submitted: 11 months ago.
Category: Tax
Expert:  Sam replied 11 months ago.

Hi

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

You will have a capital gain position to declare to HMRC however could you advise the date you left the UK to work abroad as you have only provided the date that you started to let out the property (and these may not be the same)

When you came back to the UK was this with the same employer - or a new employer that saw you located elsewhere?

Did you declare all rental income to HMRC

Thanks

Sam