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UK Capital Gains Tax
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| posted by spannermonkey 654 days ago (edited 654 days ago) |
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Gurus,
If you are non-resident, living in HK, do you have to pay CGT if you sell your UK property, which was bought as a buy to let?
http://www.marisamiller.com
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| posted by FOTH 654 days ago (edited 654 days ago) |
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[out of here]
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| posted by Seasider 654 days ago |
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Don't think so.
It partly depends on how long you have been out of the UK.
I checked with the IR at Bootle and they informed me that I was no longer liable for tax on rental income (one property only) and would not be liable for CGT if I sold the property. I have been out of the UK for 14 years.
May be worth checking with them direct as I have always found them very helpful.
Hung like Einstein and IQ of a horse.
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| posted by FOTH 654 days ago (edited 654 days ago) |
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[out of here]
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| posted by FOTH 654 days ago (edited 654 days ago) |
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[out of here]
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| posted by Seasider 654 days ago |
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Yup, Bootle even issued me with a letter to my agent to tell them they need no longer withold tax.
Its all in how you do the books you know 
If you pay no tax for something like 5 years in a row and you have been out of the country for a significant time, eventually they tell you to fook off and only bother them if your circumstances change.
Hung like Einstein and IQ of a horse.
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| posted by FOTH 654 days ago (edited 654 days ago) |
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[out of here]
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| posted by HKBloke 654 days ago |
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There is a difference between not paying tax and not being liable to pay tax. You have the former - basically they know that your allowances + expenses will always offset any income do they make you excempt from having tax withheld at source which is what the letting agent is obliged to do.
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| posted by spannermonkey 654 days ago |
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The situation is this. I am looking at buying a property in the UK as a buy to let, but may end up selling it at a later date - maybe 2-3 years on. I've been out of the UK for over one whole tax year, and do not intend on returning in the near future.
No business ties, or continuation of businesses following sale of the property.
http://www.marisamiller.com
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| posted by FOTH 654 days ago (edited 654 days ago) |
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[out of here]
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| posted by Seasider 653 days ago |
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>Bloke (& FOTH before he spat the dummy) - fair point. That is what I really meant, just didn't express it properly, apologies.
> Spanner I stick with my original advice to contact the guys at the Bootle office. The opinions you get on here are worth exactly what you pay for them and for a decision of this magnitude I think you would be better off getting an expert opinion from the people who matter. As I said before they are very helpful there.
Cheers
SS
Hung like Einstein and IQ of a horse.
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