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Hello and thank you for allowing me to assist you.
The rate would be 20% of the income that is over your personal allowance. As you will be a non resident landlord, your tenant or letting agent would withhold the tax or you can request that you pay tax through Self Assessment - if HMRC allows you to do this.
If you want to pay tax on your rental income through Self Assessment, fill in form NRL1i and send it back to HMRC.
If your application is approved, HMRC will tell your letting agent or tenant not to deduct tax from your rent and you’ll need to declare your income in your Self Assessment tax return.
When you sale your CGT would be on the amount after you claim the Residence Relief and letting relief.
You can get the lowest of the following:
Your personal allowance is 11,500. Residence relief is granted for the time the flat was your main home. For you that would be less than the full amount because you would not have used it for the full time.
There are 3 ways to calculate your gain or loss:
You may no gain or some it depends on the value in 2015
The gain would be based on the cost when you bought in 2015.
You would be allowed some relief. If you had occupied the property for 5 years whilst UK resident and then left the UK and became non-resident you would be able to sell the property within 18 months of leaving the property and not suffer any CGT due because the last 18 months qualifies for relief.
You would be allowed letting relief (40000).
In closing, please remember that he letting is still taxable to the UK because the property is in the UK.
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Right now it would be 28% tax rates for individuals for residential property. Unknown for 2020 if sold then.
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