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Where Taxpayers and Advisers Meet

CGT where can I pay it

eenir
Posts:5
Joined:Sun Feb 04, 2018 6:14 pm
CGT where can I pay it

Postby eenir » Sun Feb 04, 2018 6:21 pm

Owned a property in Portugal for approx 30 years and planning to sell. Portuguese solicitor has advised that we have to pay CGT on gain. Can this tax be paid in UK or must it be paid in Portugal.

GlobalTaxAdviser
Posts:633
Joined:Fri Dec 05, 2014 1:18 am

Re: CGT where can I pay it

Postby GlobalTaxAdviser » Sun Feb 04, 2018 11:37 pm

If you are tax resident in the UK then CGT payable in the UK on the gain as well as in Portugal but will get tax relief so that you do not pay double tax.

eenir
Posts:5
Joined:Sun Feb 04, 2018 6:14 pm

Re: CGT where can I pay it

Postby eenir » Mon Feb 05, 2018 3:21 pm

If I decide to keep property would it be more sensible to make a will and leave property to my sons who can then sell it and avoid paying CGT

GlobalTaxAdviser
Posts:633
Joined:Fri Dec 05, 2014 1:18 am

Re: CGT where can I pay it

Postby GlobalTaxAdviser » Mon Feb 05, 2018 9:58 pm

There could be inheritance tax and some tax planning is required.

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

Re: CGT where can I pay it

Postby maths » Tue Feb 06, 2018 12:42 pm

Be careful that the Portuguese "forced heirship" rules would not apply if you leave the property in your will.

Subject to the above this may be the better option; this would depend upon cgt charge on any gain and you own position re IHT.

eenir
Posts:5
Joined:Sun Feb 04, 2018 6:14 pm

Re: CGT where can I pay it

Postby eenir » Wed Feb 14, 2018 3:14 pm

How can I calculate how much CGT I would pay on the sale of property in Portugal I am resident in UK


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