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Selling home in UK - tax implications

Selling home in UK - tax implications

Old Jun 1st 2012, 10:05 pm
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Default Selling home in UK - tax implications

I moved to New York in 2007 for work. I am looking to sell my share of a flat in London which I expect to make a capital gain on. For the majority of time I rented my room out in order to cover the mortgage payments. Will I need to pay Capital Gains in the UK or the US? Any advice would be appreciated.
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Old Jun 2nd 2012, 1:23 am
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Default Re: Selling home in UK - tax implications

I'm not sure, might help others if you say what status you are on in the US, how long you've owned the flat and how long you lived in there before moving.

Though if you search BE, you'll probably find quite a few threads that might already have the info you want, as this subject has come up quite a lot, so there are good links to various resources already.

Welcome to BE too
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Old Jun 2nd 2012, 1:10 pm
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Default Re: Selling home in UK - tax implications

Whether you pay UK capital gains will depend on your UK residency status and whether you qualify for Private Residence Relief.

http://www.hmrc.gov.uk/helpsheets/hs283.pdf

For the US, if you are single and can claim your UK house as your principal residence you won't pay CGT on the first $250k of any gains.

Unfortunately as you've been renting your flat share for 5 years and living in another place you might not qualify for either CGT relief.

Last edited by nun; Jun 2nd 2012 at 1:14 pm.
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