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Tax on sale of property in UK

Tax on sale of property in UK

Old May 16th 2018, 11:08 pm
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Exclamation Tax on sale of property in UK

Hi there. I hope someone can help me with a tax situation regarding selling property in the UK and brining the proceeds here to NZ. Need some guidance since this will determine whether I move to NZ on a permanent basis later in this year.Are the proceeds considered 'income' and therefore taxable?
I have permanent residence and was granted the temporary exemption for foreign income in 2012 when I first arrived to work although during those 4 years I was only actually a resident for tax purposes for one of the years as I came and went. I recently arrived back in NZ following roughly a 3.5 year absence. I have spoken with IR but have received advice which seems to related to business rather than an individual.
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Old May 17th 2018, 2:08 am
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Default Re: Tax on sale of property in UK

the sale of an asset is not income as such. You may have a capital gain arising from the disposal of an asset, but that’s not income. You can have passive income, ie income arising from the use of an asset, rent for example, or active income arising from you working for example.
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Old May 17th 2018, 5:34 am
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Default Re: Tax on sale of property in UK

Much obliged for the response.
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Old May 17th 2018, 10:02 am
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Default Re: Tax on sale of property in UK

I would advise you to check the UK rules too. From my very limited understanding of the subject i seem to recall some changes in 2015 for 'non resident landlords' selling property where a landlord would be subject to CGT for increases of value of a property asset after that date.
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Old May 17th 2018, 11:03 am
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Default Re: Tax on sale of property in UK

the 4 years is dated from when you first enter the country and activate the visa, nothing to do with how long you spend in the country
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Old May 18th 2018, 10:23 pm
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Default Re: Tax on sale of property in UK

I'm not renting out my UK property at the moment. However, thanks for your input.
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Old May 18th 2018, 10:23 pm
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Default Re: Tax on sale of property in UK

Thanks for your input.
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