Hi
I have been a non resident of UK for 10 years working abroad and I want to sell some farmland in the UK that before emigrating I used to farm as a trade. Since that time it has had rental income only with a few repairs for the tenant. Will this be classed as a trade and if so will it be liable for CGT ?
Thanks to anyone who has the time to answer !
DB
what is a branch/agency
3 posts • Page 1 of 1
what is a branch/agency
by dianibeach on Sat Nov 26, 2011 6:10 pm
- dianibeach
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Re: what is a branch/agency
by mullet on Sat Nov 26, 2011 6:20 pm
The branch/agency rules in Section 10A TCGA 1992 won't apply to you. (And mere letting is not a trade anyway). If you are not resident in the UK then you will not be liable to UK CGT on this disposal. But do check the potential tax position in your country of residence.
- mullet
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Re: what is a branch/agency
by dianibeach on Sat Nov 26, 2011 7:35 pm
Hi Mullet
That was speedy on a Saturday night !! Thanks for info my country of residence is Montenegro - no treaty not in EU and 9% income tax - no CGT so a good place to live
DB
That was speedy on a Saturday night !! Thanks for info my country of residence is Montenegro - no treaty not in EU and 9% income tax - no CGT so a good place to live
DB
- dianibeach
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- Joined: Sat Nov 26, 2011 6:03 pm
3 posts • Page 1 of 1
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