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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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Having perched a UK property in 1997, and now living abroad

Resolved Question:

Having perched a UK property in 1997, and now living abroad for 12 years.
Purchased price £150,000.
Estimated selling price £300,000.
Could you please inform me as to the percentage capital gains tax payable .
Submitted: 10 months ago.
Category: Tax
Expert:  TaxRobin replied 10 months ago.

Hello and thank you for allowing me to assist you.

Expert:  TaxRobin replied 10 months ago.

If you are non resident for tax purposes then you need to look at the fair market value form 2015. The gai from then forword to sale is the amount that is subject to tax.

Non-resident individuals are subject to CGT at the same rate as UK individuals i.e. 18% or 28% depending on the level of taxable UK income. You are entitled to an annual exempt amount (£11,100 ) in the same way as UK residents. Main residence relief may be available if you have lived in the property as your main residence at some point during the period of ownership.

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