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Where Taxpayers and Advisers Meet

Wife Selling Property In Italy

Monarch
Posts: 1
Joined: Thu Jan 01, 2015 7:24 pm

Wife Selling Property In Italy

Postby Monarch » Thu Jan 01, 2015 7:31 pm

Hi All

I have a question around the sale of a property in Italy. My wife is intending to sell an apartment in Italy and use the proceeds for a deposit on an apartment in London ( which i will be buying in my name).

She is Italian ( and a resident in Italy ) I'm British and am resident in the UK ( and a director of a UK limited company ). If she were to sell the property and transfer the funds to me aprox 50K would we be liable for tax in the UK?

Can anyone recommend a currency agency?

Many thanks in Advance

GlobalTaxAdviser
Posts: 633
Joined: Fri Dec 05, 2014 1:18 am

Re: Wife Selling Property In Italy

Postby GlobalTaxAdviser » Sat Jan 03, 2015 10:24 pm

Hi Monarch

I think you would be caught up under the relevant person concept and hence any remittance would be taxed on you

http://www.hmrc.gov.uk/manuals/rdrmmanual/rdrm33030.htm

She would not be taxed if she transferred the funds while non resident.

An offshore bank account should be considered.

Kind Regards

Sash

maths
Posts: 7909
Joined: Wed Aug 06, 2008 3:25 pm

Re: Wife Selling Property In Italy

Postby maths » Sun Jan 04, 2015 7:50 pm

On the basis that your wife was not resident in the UK at the time the monies she has were generated then she can remit those monies without UK tax charge to the UK.

If she gifts the monies to you, then, again no UK tax charge.


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