I am a UK resident citizen - I bought a property in India in 2005 and sold it in 2016. All monies from the proceeds of the sale are in India and have been subject to all relevant tax liabilities.
Since hearing a radio programme advising that anyone who has 'money' in another country they must declare it.
I hadn't realised this as I thought it would only be applicable to declare if I had been receiving any income from the property or if I brought money back to the UK.
I paid all relevant taxes on the acquisition and sale of the property. I have also paid all eligible tax liabilities in my bank account held in India.
Since the sale all taxes and CGT in India was paid - I have the documentation for this. However, my question now is, do I have to pay CGT in the UK now as well even though no monies from the sale proceeds have been transferred to the UK?
Thanks for any useful advice I can get.
Punita
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