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Hi, my name is Peter and I am a Chartered Tax Advisor.
I can help with detailed tax advice regarding ceasing tax residence in the UK and sale of UK assets. Please can you give me a bit more background of your circumstances and aims and we can take it from there?
I also have a few queries to get started:
Kind regards, Peter
Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.
When you depart for Portugal remember to send a Form P85 to your tax office. On receipt HMRC will classify you as non-resident for the tax year following your date of departure and, furthermore, split the leaving year into two portions, one resident and the other non-resident. The form provides for the refund of any tax overpaid on departure. Once registered as non-resident you may spend up to 90 days in the UK in any one tax year without prejudicing your non-resident status.
Now it is a worldwide convention that pensions and rental income is taxed in country of origin. You will have to continue to self assess in the UK. You may be taxed in Portugal too on these sources of income and have to rely on the Double Taxation Convention between the two countries for protection.
As regards CGT, if you live outside the UK for 5 or more full tax years any UK CGT due on the sale of UK assets is based on the gain from an April 2015 valuation.
I do hope that I have been of assistance to you in this matter.
From long experience I think you will find it easier to ring me, I am on 01750 725420.
No problem, mornings are best avoided.
I am available from 1300 hrs Allan.
I thnk we covered everything in the phone call.
Thank you for your support.