Hello! Hope everyone is having a great start to 2018!
Was unclear as to whether to post this in CGT or Intenrational.
We are due to sell a property in Mexico, and I understand this is subject to CGT in the UK - but we will pay 35% CGT under MX tax law which I understand will exempt us from paying additional CGT here under double-taxation agreements.
With this sale however, as our flat is currently rented the buyer wants to retain the flat as-is with renters in place, obviously then with the new buyer receiving future rental income. Fine. Since the flat is fully furnished he has offered us a decent sum to cover all the furniture in the apartment.
With respect to the above I have then 3 questions / confusions I can’t seem to find answer to including on this forum:
1) the proceeds from the sale of the furniture - are they liable to tax when brought back to the UK? It’s not income. We will have a contract for the purchase of furniture with the buyer
2) I don’t know the exact value of years of furniture, lamps, plates, paintings etc. The value we were offered seemed reasonable and we accepted. However our concern would be we are challenged by HMRC to evidence everything sold so that it is not liable for tax. Thoughts?
3) are we correct in assuming if we pay (with evidence) to the MX tax man from the sale of our property 35% CGT - that we would not be liable for any additional tax in the UK?
Thanks in advance to any help offered
P
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch