Dear all,
My family just moved to the UK from HK in Apr-2018 and we are now non-domiciled UK resident from tax year 2018/2019.
When we were in HK, we bought an apartment with two carpark spaces in 2012. That apartments was used as our main home from Sep-2012 to July-2017 and the two carpark spaces were all used by my family.
After we moved out from that apartment in July-2017, one of the carpark spaces had been rented out for 1 year from July-2017 to Aug-2018 and finally sold in Aug-2018.
My questions are:
1, Do I need to pay tax on selling of this carpark space?
2. Do I need to report this disposal of carpark space in my self-assessment?
3. If I need to file this in my self assessment, what the cost of that carpark space should be used for calculating the return? Should I obtain the market value as of Apr-2018 as the cost, since I moved to UK in Apr-2018 only.
4. For the fund receiving from the sales of carpark space, do I need to pay tax if I bring them into UK?
Thanks in advance for your advice.
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