Transfering Cash From Turkey

Transfering Cash From Turkey

Postby GURCELEN on Thu Aug 19, 2010 5:28 pm

I am Turkish Origin/British Citizen and living in England since 1980.Currently not working due to my various health problem and now planning to retire.(Date of Birth :26.03.1950
Over 20 years I had been working for a British Company here in England and some years In Turkey full time on basis.I was on n/t tax code when l was working in Turkey.
I have a plot of land in Istanbul and wish to sell and Transfer money to my mortgage provider in the Uk to pay off capital as currently paying only interest and my mortgage matures in 4 years time
Amount would be around 210.000 gbp.Would this transfer be taxable if so how much?.There would be no capital gain tax payable in Turkey as l have been holding this land for over 15 years.
Your advise would greately appreciated.
Thanks
GURCELEN
 
Posts: 1
Joined: Thu Aug 19, 2010 5:07 pm

Re: Transfering Cash From Turkey

Postby TEAP on Thu Aug 19, 2010 6:01 pm

If you are resident in the UK when you dispose of the £210K property you will pay UK capital gains tax based on the difference between the selling price and the cost to you after 31-03-1982.

If you are not resident when you sell the property but have not been resident in the other country for at least 5 complete tax years you could also have UK CGT to pay
TEAP
 
Posts: 4
Joined: Tue Aug 17, 2010 11:33 pm


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