UK Tax Liability from foreign (India) property sale

[Punita126]

Hi. I am a British born UK citizen.

I bought a property in India (Goa) in 2005 and set up a bank account in Goa from which to send money from the UK to that account in order to make relevant payments for the property during its build, to completion.

I sold the property in 2016 and all proceeds from the sale were deposited into another Indian bank account (simply to keep it separate from my other account in India).

I have paid all the relevant CGT in India and any other liabilities associated with this sale.

Since hearing a Moneybox programme recently I am querying whether I also should be paying CGT in the UK from the sale. Please note: no monies from this sale have been transferred to the UK as yet (I intend to transfer the money but not yet and know then that I will be liable for more taxes) so I want to know if anyone can advise me on the procedure and what I would likely to be taxed, and why since the money is still in India.

Many thanks
punita126

[AdamS93]

Yes, it will be taxable in the UK on the basis you were UK tax resident when you sold the property.

If you are non-UK domiciled, you could've claimed the remittance basis to apply but depending on your personal situation this may or may not be beneficial.

You will receive double tax relief for the tax already paid in India so the UK CGT due may be less than you think it is.

[Punita126]

Thank you AdamS93 - very helpful! Appreciate it.
Punita126