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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I sold my house, I have owned since 1998. We over to UK in

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Good evening
JA: Hi. How can I help?
Customer: I sold my house, I have owned since 1998. We over to UK in 2014 since then permanently leaving in UK. Is there any UK tax obligation I need to consider now?
JA: When was the property or asset sold?
Customer: Two days ago. Property outside UK
JA: Anything else you want the Accountant to know before I connect you?
Customer: I'm ready to provide more details upon request.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Customer: replied 6 days ago.
Thank you.

Thank you for your question.

Gains from sale of residential property in the UK are chargeable to capital gains tax in the UK, whether you are resident or non resident in the UK for tax purposes. There have been changes to reporting of gains on sale of residential property and there are covered on HMRC helpsheet HS307 here

https://www.gov.uk/government/publications/non-resident-capital-gains-for-land-and-property-in-the-uk-self-assessment-helpsheet-hs307/non-resident-capital-gains-for-land-and-property-in-the-uk-self-assessment-helpsheet-hs307

You need to report the gain within 30 days.

As you left the UK in 2014 you can opt to have property valuation at 5 Apr 2015 as your cost base.

If the property was outside the UK and you sold it whilst being non resident in the UK for tax purposes then the gain is not chargeable to UK capital gains tax and there is no obligation to report it to HMRC.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

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Thank you for talking with me.

I thank you for accepting my answer.

Once you have got financial information, please come back with fresh question and I will help you with CGT calculations.

Best wishes.

Customer: replied 6 days ago.
Dear Anil, thank you for fruitfull discussion. It was a great pleasure to talk. I will combine the information at end it back soon. Ruslan

Thank you for your kind words.

Please come back when you have financial information.

Best wishes.

Customer: replied 5 days ago.
Good Morning,Below the figures and dates, we have discussed yesterday to move forward with the CCT estimation.Based on the information at Russian Registry files the deeds for land and house were registered on 07.1999 and 11.1999 respectively. Unfortunately, I can't find any information regarding the purchase price.Sold for RUR25.000.000 (£257.997) less Real Estate Commission RUR1.000 000 (£10 321) total on hand RUR24 000 000 (£247 757) (sold on 11 Sep 2020)We moved to UK on 10 Sep 2014 for a permanent stay.Please let me know if any additional information is required.Kind Regards,
Ruslan

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