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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9016
Experience:  FCCA FCMA CGMA ACIS
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I have one query related to Capital gains for overseas

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Hi, I have one query related to Capital gains for overseas property and whether I can use Primary residence relief while calculating my gain. The background is I am basically from India and brought a property in 2005 for myself , but later in 2006 I got an option to come to the UK and work here and I am in the UK since than. So finally I decided to sell off that flat last year as I am basically settled over here in the UK and a British citizen. I bought a flat in the UK in 2010 so was wondering if I can claim the primary residence relief for the period 2005- 2010 for my India Flat while filing the tax return this month.
JA: Which tax year are you filing for?
Customer: 2018-19
JA: Anything else you want the Accountant to know before I connect you?
Customer: No I have already paid the advance tax in India for capital gains and will claim the relief for that to avoid double taxation in this return

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

You can claim Private Residence Relief for the period you were in occupation and for the last 18 months of ownership, 9 from April 2020, as you are deemed to be in residence even if this is not he case.

Customer: replied 7 months ago.
Thanks , as I was away for work overseas( UK in my case) during that time 4 years , I was wondering if there is any provision for this scenario while filing a return , I kept the property to myself as was not sure that I will be settled permanently in the UK till I got the ILR in 2010.

Were you out of the UK for over 5 full tax years?

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Customer: replied 7 months ago.
No I was in the UK whole time , just visited India for holidays for few weeks every year

My original answer stands.