Sale of property abroad

[Fredo]

Hi everyone,

Although a UK citizen, I'm no longer resident in the UK, having spent the last 4 years living in The Netherlands and 5 years before that in Malaysia. In Malaysia I was an expat, in NL I am a 'house husband' for now, so currently unemployed for all intents and purposes.

Back in 2005 I purchased a house in Malaysia. Last year, as it looked like we wouldn't be returning there anytime soon, I sold it and the money from the sale (over 100k UKP) currently sits in a Malaysian bank account. All relevant taxes were paid during the sale as per Malaysia tax requirements.

The UKP - Ringgit exchange rate is quite favourable at the moment but I am nervous about the Malaysian economy and the way it is heading. Therefore I would like to move this lump sum from my Malaysian account to my UK bank account. At the time of sale this was the only house I owned, we rent property here in NL and I don't own any UK property. What I'd like to know is whether I'm liable for any UK tax if I transfer this money over to the UK, whether the tax office needs to be notified, or generally anything else that I may need to be aware of wrt taxation.

Thanks for any help/guidance you can offer.

[maths]

As a non-UK resident you are not liable to either UK income tax or CGT on the sale of the property or the conversion and remittance of the monies to the UK.

I assume you are not proposing to return to the UK prior to 6 April this year.

[Fredo]

Hi Maths,

Thanks for your reply. No I won't be returning to the UK before April. Perhaps later this year but certainly not before then. I take it all is okay then?

[maths]

Correct.