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Where Taxpayers and Advisers Meet

non resident selling UK home

Joined:Wed Aug 06, 2008 3:31 pm
non resident selling UK home

Postby Brightonian » Wed Sep 22, 2021 2:52 pm

Does anyone know if the HMRC CGT on property calculator is reliable? I have been trying to calculate the gain using the default method, where the client had PPR for a period after April 2015 (as he did not become non-resident until 2018) and I cannot see how it has worked out the tax. I had no problem with the calculation where the gain was spread over the whole period of ownership i.e. the 'normal' method for resident taxpayers but I can't figure out the H<RC result for the rebasing method. I had thought it was a simple matter of calculating PPR based on the number of qualifying days since 5 April 2015 plus the final 9 months divided by the total number of days since 5 April 2015. But I don't get the sa,e figure.
Also what happens if he returns to the UK within 5 years? Does he have to pay CGT based on the difference between the normal method and the rebasing method? And, if so, does he get two annual exemptions - one for the year of dale and one for the year of return?
At first sight the calculation looks straightforward and then you actually try to do it!
Thank you for amy guidance you can offer.

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