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Where Taxpayers and Advisers Meet

Capital Gains Tax - Non-residence relief?

Bleusky
Posts:1
Joined:Sun Mar 28, 2021 6:16 pm
Capital Gains Tax - Non-residence relief?

Postby Bleusky » Sun Mar 28, 2021 6:24 pm

Hello,

I was living in the UK until 2007 when I moved to Singapore.

Whilst in Singapore, I bought a property in the UK around Dec 2013 which I let out until Nov 2015.

In Nov 2015, I relocated back to the UK with my company and have stayed here ever since.

I have recently sold this property and trying to work out the amount of capital gains tax that I need to pay. Do I get any relief for the period Dec 2013 to Nov 2015 when I was non-resident? Is this period subject to CGT?

Thank you so much for your advice.

Ems

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

Re: Capital Gains Tax - Non-residence relief?

Postby maths » Mon Mar 29, 2021 3:05 pm

On the basis you occupied the property as your sole or main residence from Nov 2016 to date of sale say March 2021 (52 months approx) then any gain attributed to this period is exempt from CGT.

You have held the property from Dec 2013 to say March 2021 (87 months approx)

Your gain chargeable to CGT is [52/87 x Gain (sale less cost)] less £12,300.

strawn
Posts:96
Joined:Fri Jun 01, 2012 10:11 am

Re: Capital Gains Tax - Non-residence relief?

Postby strawn » Mon Mar 29, 2021 11:08 pm

Shouldn't that be:

Your gain chargeable to CGT is [(87 - 52)/87 x Gain (sale less cost)] less £12,300 ?

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

Re: Capital Gains Tax - Non-residence relief?

Postby maths » Tue Mar 30, 2021 10:21 pm

Ooops; agree strawn.


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