How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 9434
Type Your Tax Question Here...
bigduckontax is online now

How much tax will I pay if receiving money overseas from the

This answer was rated:

how much tax will I pay if receiving money overseas from the sale of our house in our country of origin.We are UK citizen here already and wish to transfer money from overseas
JA: Which tax year is this for?
Customer: current year.
JA: Anything else you want the Accountant to know before I connect you?
Customer: the money that will be receiving overseas will be use partly to increase our deposit in buying a house here

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

Was this house your sole or main domestic residence the only one you owned?

Customer: replied 9 days ago.
we are selling our house overseas, we are permanent resident here in the UK and have a mortgage here
Customer: replied 9 days ago.
will wait for response via chat thanks

You will be liable for UK Capital Gains Tax (CGT) on any gains made on disposal over and above your non cumulative Annual Exempt Amount of 12.3K. Any tax paid in the country of origin, providing that country has a Double Taxation Treaty with the UK. will be allowed as a tax credit against your UK liability.

Customer: replied 9 days ago.
can I just clarify about gains? if I bought the property for 26K and selling it for 31K. then the money will be transferred here am I exempted to pay as the gains. is not over 12.3K?
Customer: replied 9 days ago.
planning to transfer money here about 31K in total

Correct,no CGT arises, just warn your bank of incoming funds and their source to preclude any money laundering enquiries a large transfer might otherwise attract.

Customer: replied 9 days ago.
Thank you so much for your answer. Can this money be use as part of our house deposit, currently applying for mortgage, if so, what documents do we need to provide.

None whatsoever, it is your money to do with what you will.

bigduckontax and other Tax Specialists are ready to help you