I would be grateful for any advice on the following:-
I have been non resident since about October 2005. I continue to have a house in the UK which is let out, and I complete a S.A. each year, detailing my rental income. I bought the house in June 2000. I also lived in the house for 6 months in 2012 tax year to effect improvements,
I do not own any other property in the UK or overseas. I currently do not pay tax in the overseas resident country, (no earnings). My income currently is solely from the UK.
After reading the proposed new legislation in the finance bill 2015 and further comment, regarding the change to CGT liability for Non Residents owning property in the UK.
Am I right in believing the following?
When I decide to sell/dispose of my house, in the tax year I sell my house. 1) If I live in it for at least 90 midnights, 2) Stay in the UK for over 183days and become tax resident, that year. (Basically I would return to the UK for most of that tax year and reside there.)
I may not be liable for CGT? If so what records/evidence should I keep to support this.
For example getting UK border agency to stamp my entries and exists to the UK, Utility bills etc.
If the above is not the case; do I arrange a valuation of my house, for the 6th April 2015? as I believe CTG, will be estimated from rebasing the value of property from this date.
I also presume I will be able to benefit from Private Residents Relief, Lettings Relief, last 18 months relief? and annual CGT allowance.
Thank you in advance for any help you can give my enquiry.