CGT on UK Property
Dec 11th 2013, 12:15 pm
#61
Bored liberal
Joined: Feb 2007
Location: Over there ----->
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Dec 15th 2013, 1:24 pm
#62
Confirmed grumpy old man
Joined: May 2005
Location: Moved back to Riyadh KSA 2016
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Expats paying Capital Gains Tax on UK primary home
Something I spotted in the Autumn statement is that, from April, expats who own a house in UK, even if it is their only house, will have to pay CGT.
Telegraph:
British expats and foreigners who own residential property in the UK will have to pay capital gains tax from this tax year. This will bring the UK in line with most other countries. Importantly, the tax will apply to gains made after April 2015 only, so those who have benefited from recent price growth will be spared. It could also mean there is something of a sell-off of expensive properties ahead of this date as wealthy non-residents crystallise gains on London and other upmarket properties and seek to remain outside the tax net.
http://www.telegraph.co.uk/finance/p...-and-2015.html
It sounds like it will only be taxed on gains from April 2015 (how do they gauge/calculate that?), but long term could create problems for people who want to sell their UK home whilst abroad.
We've just sold ours, so luckily escaped it.
Telegraph:
British expats and foreigners who own residential property in the UK will have to pay capital gains tax from this tax year. This will bring the UK in line with most other countries. Importantly, the tax will apply to gains made after April 2015 only, so those who have benefited from recent price growth will be spared. It could also mean there is something of a sell-off of expensive properties ahead of this date as wealthy non-residents crystallise gains on London and other upmarket properties and seek to remain outside the tax net.
http://www.telegraph.co.uk/finance/p...-and-2015.html
It sounds like it will only be taxed on gains from April 2015 (how do they gauge/calculate that?), but long term could create problems for people who want to sell their UK home whilst abroad.
We've just sold ours, so luckily escaped it.
Dec 15th 2013, 2:05 pm
#63
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: Expats paying Capital Gains Tax on UK primary home
Something I spotted in the Autumn statement is that, from April, expats who own a house in UK, even if it is their only house, will have to pay CGT.
Telegraph:
British expats and foreigners who own residential property in the UK will have to pay capital gains tax from this tax year. This will bring the UK in line with most other countries. Importantly, the tax will apply to gains made after April 2015 only, so those who have benefited from recent price growth will be spared. It could also mean there is something of a sell-off of expensive properties ahead of this date as wealthy non-residents crystallise gains on London and other upmarket properties and seek to remain outside the tax net.
http://www.telegraph.co.uk/finance/p...-and-2015.html
It sounds like it will only be taxed on gains from April 2015 (how do they gauge/calculate that?), but long term could create problems for people who want to sell their UK home whilst abroad.
We've just sold ours, so luckily escaped it.
Telegraph:
British expats and foreigners who own residential property in the UK will have to pay capital gains tax from this tax year. This will bring the UK in line with most other countries. Importantly, the tax will apply to gains made after April 2015 only, so those who have benefited from recent price growth will be spared. It could also mean there is something of a sell-off of expensive properties ahead of this date as wealthy non-residents crystallise gains on London and other upmarket properties and seek to remain outside the tax net.
http://www.telegraph.co.uk/finance/p...-and-2015.html
It sounds like it will only be taxed on gains from April 2015 (how do they gauge/calculate that?), but long term could create problems for people who want to sell their UK home whilst abroad.
We've just sold ours, so luckily escaped it.
Ahem - as posted a few days ago
And we are awaiting the fine print anyway.http://financialuae.me/2013/12/09/uk...it-affect-you/
Dec 15th 2013, 2:11 pm
#64
Confirmed grumpy old man
Joined: May 2005
Location: Moved back to Riyadh KSA 2016
Posts: 1,298
Re: Expats paying Capital Gains Tax on UK primary home
Ahem - as posted a few days ago And we are awaiting the fine print anyway.
http://financialuae.me/2013/12/09/uk...it-affect-you/
And we are awaiting the fine print anyway.http://financialuae.me/2013/12/09/uk...it-affect-you/
Shoulda known!
Dec 15th 2013, 3:08 pm
#65
Account Closed
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Location: Dubai, working at Dust World Central
Posts: 3,706
Dec 15th 2013, 4:40 pm
#67
Lost in BE Cyberspace
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Location: Windscale....
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Dec 15th 2013, 4:40 pm
#68
Lost in BE Cyberspace
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 15,887
Re: Expats paying Capital Gains Tax on UK primary home
Ahem - as posted a few days ago And we are awaiting the fine print anyway.
http://financialuae.me/2013/12/09/uk...it-affect-you/
And we are awaiting the fine print anyway.http://financialuae.me/2013/12/09/uk...it-affect-you/
Dec 15th 2013, 4:43 pm
#70
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: Expats paying Capital Gains Tax on UK primary home
but if you have to give too much back in tax... is it worth it?
Dec 15th 2013, 5:19 pm
#71
Lost in BE Cyberspace
Joined: Jul 2007
Posts: 13,553
Re: Expats paying Capital Gains Tax on UK primary home
Not sure I follow that........ expand please?
