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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I am a venezuelan citizen married to a spanish citizen, we

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Good morning, I am a venezuelan citizen married to a spanish citizen, we moved from Venezuela to Scotland almost 5 years ago. We recently sold our house in Venezuela and the money is on our bank account in the U.S.A. I would like to transfer this money ($40000) to our UK bank account and I would like to know if it is possible and what implications it will have regarding UK taxes. Thank you.
JA: When was the property or asset sold?
Customer: A couple of months ago
JA: Anything else you want the Accountant to know before I connect you?
Customer: no, that's all

Hello and thank you for allowing me to assist you.

Only the sell holds any possible tax. Moving money is not a taxable event.

You’ll only have to pay Capital Gains Tax if:

If none of that applies to you then you have no tax on moving your money to the UK

Customer: replied 30 days ago.
Thank you, ***** ***** a question regarding the UK residence:- In 2013, I spent 1 month in the UK visiting my son, then I returned to Venezuela.
- In 2014, I spent 8 months (April 2014 - January 2015) in the UK visiting my son again, and returned to Venezuela
- In November 2015, I came back to the UKand stayed here and got the temporary residence in mid-2016.Would this be considered as "you used to be a UK resident and you return to the UK within 5 years of leaving"?Thank you

No

Coming back is when you were a resident then left to live abroad and then returned.

Your time from Nov 2015 forward is what counts. If you were a resident when the property was sold then yes you are taxed.

Customer: replied 29 days ago.
I was a resident when the property was sold. I paid taxes in Venezuela during the selling, do I have then to pay taxes here in the UK as well? How much do I have to pay if I sold the house for 40000$? Thank you very much for your help!

It the gain that is taxed. The amount you received that is more than your cost or basis in the property.

Basic-rate taxpayers pay 18% on gains they make when selling property, while higher and additional-rate taxpayers pay 28%.

This is only on the gain

You are most welcome.
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