Can anyone recommend a good UK accountant (preferably in Scotland)?
Jul 16th 2007, 1:18 pm
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Joined: Dec 2004
Location: Connecticut
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Can anyone recommend a good UK accountant (preferably in Scotland)?
I am closing on the sale of my house in the UK. I don't think I will need to pay UK Capital Gain Tax, but for peace of mind (and before I use the money as a down payment on a house in the US), I want to consult a UK accountant to tell me what's correct. We’ll consult a US accountant as to whether we need to pay tax on the money here.
Just to be explicit, my situation is the following:
I bought the house in the UK in November 2001 and it was my main residence until April 2005 when I moved to the US. I rented out the property through a UK letting agency from June 2005 to March 2007 as a "non-resident landlord". There was a loss both years, and I didn’t earn any other moneys from the UK so didn’t need to fill out a Tax Return.
I'm selling the house this week (July 2007) for a little under twice what I paid for it in 2001. According to the Inland Revenue website, specifically the “Period of Ownership” on page 4 of http://www.hmrc.gov.uk/helpsheets/ir283.pdf, it appears to us that we won’t be required to pay CGT in the UK since the house was my main residence and the rental period was within the last 3 years.
I’m a conditional permanent resident (applying for a 10 year green card in December), married to a US citizen (May 2005), and have been working in the US since April 2006. We file joint tax returns and only rent an apartment here.
If I don't need to pay UK CGT, do I need to inform the Inland Revenue, or indeed anyone, that the house is now sold?
Many thanks,
Doug
Just to be explicit, my situation is the following:
I bought the house in the UK in November 2001 and it was my main residence until April 2005 when I moved to the US. I rented out the property through a UK letting agency from June 2005 to March 2007 as a "non-resident landlord". There was a loss both years, and I didn’t earn any other moneys from the UK so didn’t need to fill out a Tax Return.
I'm selling the house this week (July 2007) for a little under twice what I paid for it in 2001. According to the Inland Revenue website, specifically the “Period of Ownership” on page 4 of http://www.hmrc.gov.uk/helpsheets/ir283.pdf, it appears to us that we won’t be required to pay CGT in the UK since the house was my main residence and the rental period was within the last 3 years.
I’m a conditional permanent resident (applying for a 10 year green card in December), married to a US citizen (May 2005), and have been working in the US since April 2006. We file joint tax returns and only rent an apartment here.
If I don't need to pay UK CGT, do I need to inform the Inland Revenue, or indeed anyone, that the house is now sold?
Many thanks,
Doug
