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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
What is my UK tax position if I live in Spain but am selling a house in the UK? |
What is my UK tax position if I live in Spain but am selling a house in the UK? Selling a property in the UK is liable to capital gains tax. However, this only applies if you are resident in the UK, so if you are resident abroad, no capital gains tax should be payable. You need to be careful, because if you were a UK resident and then went abroad before selling, you must remain non UK resident for 5 complete tax years. If you become resident in that time, the gain becomes chargeable again. To be treated as resident in the UK for tax purposes, you must be physically present for at least 183 days in the tax year or an average of 91 days over a four year period. If you lived in the property before you moved to Spain, you can claim exemption for the period it was your main residence, as well as the last 36 months of ownership, even if you did not live in it in the last 36 months. You should really take professional advice, as residence rules can be very complicated. I live in Spain, you can sell your house and live where you want to, If you sell a house you should not have to pay tax unless you selling a mansion. ! no problems, we did exactly that. with a bit of for thinking, keep your money in sterling and wait till you get the best euro rate n pull it over, remeber though getting it back in can have some inplications as 50% of spanish properties are bought with half clean and half black money, there even a room in the notary office for the dirty deed to be done, then when you move back you have a trace for the legal and a nightmare with the black. ! get round that by burying it in an offshore 3 yr trust fund when you can then take it anywhere with out paying any tax. In UK profit on selling your main residence is not taxable, whatever its size. Enjoy Spain. don,t know hope i get to go aboard one day never mind lookin to buy or sell or taxes,i like hong kong any one else like uk |
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