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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 7667
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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Capital gains on my parents only property. They have lived

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Capital gains on my parents only property. They have lived in it but at the moment it is rented out. Also they are not UK residents
JA: What are the assets or property for this capital gain?
Customer: a residential house
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

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

Thank you for your question.

They will claim private residence relief for the period the property was their main residence.

You will report sale of the UK property as non residents within 30 days of completion. More information on this here

https://www.gov.uk/capital-gains-tax/report-and-pay-capital-gains-tax

and here

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2020#capital-gains-tax-for-non-residents-on-uk-residential-property

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

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.

Customer: replied 6 days ago.
can you avoid CGT by moving back into the currently rented property?
Customer: replied 6 days ago.
I don"t need a call. I thought I had week of questions?
Customer: replied 6 days ago.
Please will you answer the CGT question. Many thanks

Thank you for your reply.

At the end of the day, chargeable gain is based on period not covered by private residence relief over total peiod of ownership.

Moving back would certainly mitigate chargeable gain for CGT purposes.

I hope this is helpful and answers your question.

Customer: replied 6 days ago.
Is there a minimum period for moving back in? Are there other factors to consider?
Customer: replied 6 days ago.
I’m not paying more. It’s a scam. I probably didn’t read the small print but the large print definitely says unlimited questions for a week!!!

If they move back into the property and make it their main residence again then absences for whatever reason, totalling not more than 3 years in all are covered by private residence relief.

You should look at HS283 a link I provided in my last posting.

I hope this is helpful and answers your question.

If there are no other issues relating to original question I will appreciate if we could regard this question as been answered.

Many thanks

taxadvisor.uk and 2 other Tax Specialists are ready to help you

I thank you foraccepting my answer.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.