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Where Taxpayers and Advisers Meet

Non domicile CGT

kanrent
Posts:135
Joined:Tue Dec 16, 2014 8:20 am
Non domicile CGT

Postby kanrent » Sun Oct 06, 2024 5:17 am

Hi I'm a British citizen but NOT resident and NOT domicile in the UK.
if I sell my UK rental property am I still subject to CGT.
I know it's a bit of a broad question but generally speaking.

darthblingbling
Posts:733
Joined:Wed Aug 02, 2017 9:09 pm

Re: Non domicile CGT

Postby darthblingbling » Sun Oct 06, 2024 12:02 pm

Yes

AGoodman
Posts:1860
Joined:Fri May 16, 2014 3:47 pm

Re: Non domicile CGT

Postby AGoodman » Tue Oct 08, 2024 10:20 am

If it's a residential property then you benefit from a rebasing so you only pay CGT on the gain in value since April 2015 (if you held it then).

You can elect to base this on the 2015 market value, straight line basis or acquisition cost.

kanrent
Posts:135
Joined:Tue Dec 16, 2014 8:20 am

Re: Non domicile CGT

Postby kanrent » Wed Oct 09, 2024 2:09 pm

Would HMRC accept a 2015 valuation from an estate agent?

AGoodman
Posts:1860
Joined:Fri May 16, 2014 3:47 pm

Re: Non domicile CGT

Postby AGoodman » Fri Oct 11, 2024 10:39 am

If its an actual valuation rather than "we think you should market it at". Also helps if it's contemporaneous.

Your risk comes down to whether HMRC agree with the value. HMRC won't necessarily accept any valuer/document if they disagree with the value you provide. Similarly, they will accept a value without a document if they agree with the value.

If it's way out from their view (and they turn out to be "right") then you may be at risk of penalties. For obvious reasons, you are at less risk of penalties if you can say you obtained a proper valuation. Risk also increaeses with higher values that might receive greater scrutiny.

kanrent
Posts:135
Joined:Tue Dec 16, 2014 8:20 am

Re: Non domicile CGT

Postby kanrent » Fri Oct 11, 2024 11:23 am

Would HMRC accept A valuation from a RICS surveyor


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