Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
Is this porperty his sole or main domestic residence? Does he own a house where he lives?
Right, so it is not his sole or main domestic residence for tax purposes. He will be liable for Capital Gains Tax (CGT), but only on the gain made on sale from an April 2015 valuation. He has an Annual Exempt Amount (AEA) of 11,3K to offset this. This will be taxed at a mixture of 18% or 28% or a combination of the rates depending on the gain. Egypt has no CGT regime so that is a relief.
I do hope that you have found my reply of assistance.
No, you have it the wrong way round! The gain to be taxed is the difference between the net selling price ie after deducting selling costs including advertising snd the msrket value as at April 2015.
You can go to a solicitor or a property conveyance practitioner, but if this is registered land a land transfer form can me used for a very modest fee. Professionals can cost!
No it is entirely related to the UK governments decision to tax overseas organisations and persons on capital gains. If the sale were today the the difference between today's net selling price and the value as st April 2015 would be subject to tax less the AEA ie 6 April 2015 and 19 October 2017.
Thank you for your support.