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Where Taxpayers and Advisers Meet

Gapital gains

Topcat
Posts:3
Joined:Wed Aug 06, 2008 3:11 pm

Postby Topcat » Wed Jun 30, 2004 9:17 am

Dear Sir
I left the UK nearly two years ago to live in Spain, I have left my house in UK which I have rented out. I work and pay taxes in Spain, I also pay tax on my pension in the UK. I own a property in Spain. If I sell my house in the UK am I liable for Gapital gains on the house or can I sell within the 36 month clause and avoid the tax

Ian McTernan CTA
Posts:1232
Joined:Wed Aug 06, 2008 3:02 pm
Location:Bedford
Contact:

Postby Ian McTernan CTA » Wed Jun 30, 2004 4:26 pm

As you are not resident in the UK then CGT does not apply to you unless you return within 6 years of departure (five year rule). However, you need to check locally to see if CGT is payable in Spain on the transaction (probably).

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com

Taxbar
Posts:1187
Joined:Wed Aug 06, 2008 2:19 pm

Postby Taxbar » Thu Jul 01, 2004 2:57 am

I hope you have declared your UK rental income in Spain! Otherwise you will need to declare that in Spain with a credit for any UK tax paid.

Spanish Capital Gains Tax maybe payable at 15%. You need to seek expert advice. If you need someone familiar with International issues.

Look at the article on Spanish property in my section of this website UK &International Tax law by Jonathan Miller and either contect him and mention my name or I can contact him for you.

Daniel M Feingold
Barrister-at-law (NP)
Strategic Tax Planning
International & UK Tax Consultants
 
Treen House 72 Park Road,
Prestwich Manchester M25 OFA
E-mail: sedrate @easynet co.uk

d4david@hotmail.com
Posts:1
Joined:Wed Aug 06, 2008 3:11 pm

Postby d4david@hotmail.com » Sat Jul 03, 2004 6:47 am

I own a building comprising a shop and a 2 bedroom flat above it and would like to sell them as separate entities. I am moving to France in October after the sale where I will be purchasing a new property. Am I liable to capital gains tax?


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