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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5112
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am a uk tax resident and have a holiday home in Turkey. If

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I am a uk tax resident and have a holiday home in Turkey. If I sell it after 5 years I understand that there would be no capital gains tax payable in Turkey. As there is a Double Taxation Ageeement with the UK, does this also mean that no capital gains tax would be payable in the UK too?

Hello and welcome to the site. Thank you for your question.

As a UK resident , your worldwide income and gains are chargeable to UK income tax and capital gains tax respectably.

Having said that, you claim foreign tax credit relief against any foreign tax suffered on foreign income or gains.

if you were to suffer any tax on capital gains in Turkey, you would be able to claim foreign tax credit relief. Unfortunately, any gain from sale of holiday home in Turkey would attract CGT in the UK irrespective of period of ownership. I am sorry to say, this concession does not apply when it comes to CGT calculation for UK tax purposes.

I hope this is helpful and answers your question.

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