I am a Portuguese tax resident but British Citizen.
I inherited some farm land, in England, from my mother in 2000. Inheritance tax was paid on the estate at this time so there is a valuation of this land. The land has now been sold, it is still farm land and not building land. I know the CGT laws changed in 2015 for non resident UK tax payers so I may have a CGT liability on this although it is not residential.
My question is about the Portuguese CGT liability. I am aware there may be some to pay and I accept this. It is just that my tax advisor here has said that is should have been valued when I became tax resident in Portugal. This seems a little odd to me as who would know to do this and I can find nothing on the web to suggest that you have to do this with any property or land. All I can find is that anything bought/inherited after 1989 is subject to Portuguese CGT.
Hope someone can clarify this for me, thanks.
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