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Sam, Accountant
Category: Tax
Satisfied Customers: 14154
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have got a question on tax. I have got a dual citizinship

Customer Question

Hi , I have got a question on tax. I have got a dual citizinship ( Bulgarian from birth and British from March 2014). I bought a flat in Bulgarian in 2002 and move to UK in 2004 and have been a UK resident since. I October 2014 I bought a house in UK with an offset mortgage. I am planning to sell the flat in Bulgaria and bring the money to UK to help myself with the mortgage. Would I have to pay any tax in UK and would I need to inform that taxman that I am bringing my money to the UK ? Many thanks.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.


Thanks for your question - I am Sam and I am one of the UK tax experts here on just Answer.

Yes you will be liable to tax (capital gains tax) on any profit you have made on the sale of this Bulgarian property. So you need to alert HMRC as soon as the sale takes place (and this would arise even if you did not bring the money into the UK, as you have acquired British citizenship)

Then at the end of the tax year (so 05/04/2017 is you sell this property before then) you will complete a self assessment tax return to declare ALL of your income including this capital gain

You will have some exemption on any profit made as you lived here from 2002 to 2004

For information the first £11,100 of any gain will be tax free and any remaining gain will be liable at 18% or 28% or a mix of both (this is determined by your usual rate of tax and how much unused basic rate band you have.

Then any tax you owe will be paid by 31st Jan 2018 (if the sale takes place before 05/04/2017)

Let me know if I can assist further