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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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Bought an investment property whilst working overseas and non-domiciled

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Bought an investment property whilst working overseas and non-domiciled for tax purposes, then returned to UK. For capital gains calculation purposes is the starting point of the property value at the point I returned to UK as I had it professionally valued just prior to my return? Or do I still have to use the purchase price?
Hi.

Unless you bought the property before 31 March 1982, you use the original purchase price when calculating the gain or loss incurred on a property disposal. Take a look here for more information.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.

So the fact that I was non-domiciled at the time of purchase has no bearing on the calculation? If I had disposed of the property before I returned I would not have been liable for any CGT, so I assumed that the starting point would be the value at the time of return - or is that just wishful thinking?

That was just wishful thinking I'm afraid. Not that it makes any difference, when you say you were non-domiciled, I assume that you mean you were non-resident.
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