Capital Gains Tax advice needed
This is a 2 fold question on CGT
In 2010 I sold my only property here in the UK and did not make anything from it, in fact made a loss (separation), I just wanted rid of the joint mortgage arrangement
I have been renting in the UK ever since
I own 2 property deeds in the country of Belize
I now want to sell 1 of these properties and buy a property in the UK
My 1st question is this, do I have to pay CGT when I repatriate the money from the sale of this Belize property, if,,,,,
I re-invest it all in buying a property in the UK and renovating it to a habitable state.
Considering that I currently do not own property in the UK and I am domicile in the UK
2nd question is,,,,,,,,
The idea is to buy a wreck and renovate, then sell after 1 year and buy another and sell, re-investing the full amount, trying to grow this investment over about 10 year then sell up and use the money for my retirement
The property in Belize
Bought raw land in 2003 for £6000 ($9000us, at the time)
Gradually developed it over a period of about 10 year to its present state
Honestly, I have no idea how much I invested to develop the property to its present state, Belize is a cash culture, so no digital records.
The current rule of thumb is that it would cost about $100US per square foot to build a property
My property is 1800 ft/2
Plus a detached garage of about 400 ft/2
So a total of 2200, $220K US
I am hoping to get approx $180K us from the property (currently aprox £140K)
From 2010, I lived in the property for about 2 month a year, until 2015, when I started to live 6 months a year in the property
A bit complicated I know,,,sorry,,, hoping someone can help
Thanks in advance
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