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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15979
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own a house which is moertgaged I don't line in UK I am

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I own a house which is moertgaged
I don't line in UK
I am renting it out
I want to sell the house
would I pay tax on any profit I make
That would depend on the facts and figures of your case.
Prior to 6 April 2015, non-UK resident owners of UK residential property could make tax free gains by selling their property whilst they were non-UK resident so long as they didn't return to live in the UK within five full tax years of leaving if they left before 6 April 2013 and within five years of leaving if they left after 5 April 2013.
For disposals of UK residential property after 5 April 2015, gains made by non-UK residential owners can be liable to UK CGT. However, the owner can use the 5 April 2015 value of the property (as opposed to the original purchase price) as their "cost" for CGT purposes so that they only pay CGT on the excess of the disposal proceeds over the 5 April 2015 value.
Take a look at the notes below which explain how the new regime will work and the options open to people such as yourself as to how to calculate the gain to your best advantage:
I hope this helps but let me know if you have any further questions.
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