Hello
Brief background.
I am a UK citizen from birth. Retired with UK old age pension as sole income. So have not filed any tax returns as income lower than UK threshold.
I own a small lease flat in the UK, which is not and never has been let, it is for me to use when I make a visit to the UK .
Over the last 4 years I have built and completed a house in an EU country, which I now want to sell.
At the end of 2020 the UK finally left the EU, and in order to fully complete and register the house and with Covid travelling issues, I had no choice other than to take outside residency in the EU country (to avoid the 90 day Schengen rules).
So now I am a UK citizen(passport holder) but with EU residency, and am also a Tax resident of that country, since July 2021. (officially).
In this EU country a seller of a property has options when selling their property. If it is a main residential home,(which I now class mine as) then one can choose to reinvest in another main property anywhere in the EU (not now inc. UK), and then only pay CGT on that part of the sale value, not reinvested, and one has 36 months following the sale to do that. And CGT is not payable in that country until a reinvestment is made or paid in full in no reinvestment is made.
So the question is, do I have to inform HMRC of that sale at all, and be liable to UK CGT on the full capital gain, as that would mean that I would not have all money to make a reinvestment in another EU property, which would reduce the tax liability in that country.
Any advice appreciated
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch