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Where Taxpayers and Advisers Meet

UK RESIDENT SELLING HOME AND MOVING TO ANOTHER EU COUNTRY

LENA
Posts:2
Joined:Wed Aug 06, 2008 3:04 pm

Postby LENA » Tue Aug 12, 2003 8:03 am

I own a flat in London, which is my sole residence. I've been living in France for the last 10 months in rented accomodation and have now decided to sell my UK home and move permanently abroad. My flat was rented out for the last 8 months to a friend. Im planning to use the sale money to buy a new home in France. In the circumstances, am I liable to a CGT on the sale of my flat?

accountant@uktaxshop
Posts:550
Joined:Wed Aug 06, 2008 3:04 pm

Postby accountant@uktaxshop » Wed Aug 13, 2003 1:26 am

Lena,

The final 36 months are treated as if you still live in the property, and therefore are exempt from CGT. This assumes you property was previously your main residence throughout.

You are however liable in the UK for the rental income generated to date, less allowable expenses. If you need some help looking at this, or ensuring you have received and tax rebates you may be entitled to on your move to France, please let me know.

Regards

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436

LENA
Posts:2
Joined:Wed Aug 06, 2008 3:04 pm

Postby LENA » Wed Aug 13, 2003 3:08 am

James, many thanks for your advice. Will I incur any tax liabilities whilst transfering the sale money to France, or is my situation covered by the free capital movement between the EU countries?


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