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yes it was my main home. my company has sent me to Dubai initialy for 1 year then extended my contract to unlimited. I'm now fully settled since 2007.
my husband and i live in a rented property in dubai with our 2 children and the 60% share is owned by Noting Hill housing group.
Hi again.Take a look at the text between Examples 6 and 7 and Example 7 itself here.As you will see, provided you occupied the property before you left the UK and you re-occupy it if and when you return to the UK and you don't own another property which could be your main home, you will not have to pay CGT on any gain when you sell it.Up to 5 April 2015, if you were non-UK resident, you could sell a UK property and pay no CGT. However, the rules have changed with effect from 6 April 2015, assuming the relevant proposed legislation in the Finance Bill 2015 is enacted.From 6 April 2015, non-UK resident owners of UK residential property will be taxable on a gain from selling it but only on the difference between the 5 April 2015 value (which effectively becomes your cost for CGT purposes) and the disposal proceeds. If you sell the property soon, therefore, you should have little or no taxable gain. Take a look here for information on the proposed new rules. There are provisions as I thought there would be for owners to use the whole period of ownership to calculate the taxable gain if it is to their advantage but if you wish to sell now, those provisions probably won't be relevant to you.I hope this helps but let me know if you have any further questions.
thanks very much for your response. would you please clarify one more thing. if I sell my 40% share right now which means that I am not living in the property or returning to it do I have to pay tax from the 6th Apr 2015 till date of sale completion? thank you vm!
i would like help with filing my tax return. would you be able to? can I instruct you to please? I'm hoping to put my 40% share for sale before end of this year and really need to be on top of my taxes and in line with the policies..is that something you would help with? thanks a million for your time and help.