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Where Taxpayers and Advisers Meet

***CAPITAL GAIN TAX / sold property abroad /dual citizenship

super1
Posts:10
Joined:Fri Mar 10, 2017 10:57 pm
***CAPITAL GAIN TAX / sold property abroad /dual citizenship

Postby super1 » Fri Mar 10, 2017 11:00 pm

***CAPITAL GAIN TAX / sold property abroad /dual citizenship

Hello
I hope someone had a similar situation or is familiar with that sort of issue, any help, advice appreciated…

I live in the UK, and I want to sell my house abroad. However I am not sure if I really should pay capital gain tax in my case as:
- the piece of land I received many years ago as a gift from parents in Slovakia
- over many years I built a house on it, never rented it, never lived there
- I live in the UK, having a dual citizenship, however I don’t own any property in the UK, I live only in a rented place and my house built in Slovakia is my only own property, so I really don’t understand why should I pay capital gain tax to HMRC at all if I want to sell it 28%!

Can anyone advice, or share experience what to do ? Thanks

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: ***CAPITAL GAIN TAX / sold property abroad /dual citizenship

Postby maths » Sat Mar 11, 2017 4:21 pm

Capital gains tax is chargeable on any capital gain made on sale of the property (as you never lived in it) and you are a UK resident.

How long have you lived in the UK ?


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