Overseas Resident

[bob.fraser@towrylaw.]

My client is resident in Cyprus and has been for 10+ years.
He is selling a house in the UK.
He will return to the UK to live later this year (after selling the house).
He wants to pay the proceeds into a UK bank account.
Are there any adverse CGT implications?
If so, would having the payment made to Cyprus, and subsequently brought back to the UK help?

Not my area of advice, so any guidance would be appreciated.

Bob

[tax me less!]

There is no split year concession for CGT so he may want to think again about which tax year he returns to the UK.

[bob.fraser@towrylaw.]

Thanks, Tml.
What are the implications of returning in the same year as the disposal?
He is actually unwell, will be returning to sheltered accommodation, and is not able to delay his return.

Bob

[Taxbar]

Bob,

why not do your client a favour and get him some specific paid professional advice.

Strategic Tax Planning
info@stratax.co.uk

[TAX SOLUTION]

Hi Bob,
If an individual is remain non-resident for five year after the sale of asset then gain will be tax free and splitting tax year rule is available to an individual who is non-resident in previous 4 of 7 tax years.as your client is in aborad from last 10 years means must not be resident or ordinary resident.
But you shuld take advice from some specialst.
Regards,
Chaudhary

[TAX SOLUTION]

Remember remmitance is not problem here.beacuse remmitance is important when he/she selling oversea property.
bye

[liam fisher]

Your client appears to be non resident and ordinarily non resident for at least six years.
He should not be subject to UK CGT on UK Assets.See page 53 on IR 20 (unless they have changed it!)

[bob.fraser@towrylaw.]

Liam,
I agree with you. This was my understanding.
However, I'm not an accountant and the other commentators seem to have a doubt.
My client did consult an accountant for formal advice, who agreed with you.
Bob