hi, will try to keep this as short as possible, a week ago or so I've sold a property in Romania, the property was bought as an investment in 2015 and was rented out since then.
I've called around and checked HMRC's website but I keep hearing all kind of answers, from "don't worry, there's nothing to pay" to expecting a huge tax bill,
the property was bought with a mortgage and a minimal deposit paid, at the time GBP was very strong, as you know though this isn't the case today due to the current crisis etc., can I just transfer the funds into the UK without having to fill a self assessment form? I'm a romanian citizen, all my family is there and I visit regularly but have been living and working in the UK for about 8 years.
If however I would have to register for self assessment and submit one, does furnishing count as an "improvement" cost since the property was a new build and was empty at the time (no kitchen, bathroom, etc., had to be bought by myself) ? also the seller is my friend, there might be a case that he sold the property below the market value to help me (since I had a fixed amount that I could put forward for the minimum deposit), does HMRC take that into account and how would one go about figuring out the market value?
- 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