If uk citizen residing abroad for 3 yrs+ what CGT tax payable on uk house sale under new laws?
March 112010
You will remain tax resident until 5 April of the year you leave the UK.
From that day you will be not resident and not ordinarily resident.
If you sell an asset during your absence there will be no UK tax. However, if you return within 5 tax years, any gain will be taxable in your year of return (and any losses will be allowable in that year too).
You will be able to deduct the annual exemption from the gain in the year of return and the rate of tax on the rest is 18%.
This is the case if the property was not your main (or ‘principal’ residence).
If it was your main residence and you lived in it at any time, the last 3 years of ownership are exempt. So, if you lived in it until your departure and sell it within three years of leaving the UK, there will be no gain at all…even when you return.
If there was any period when you didn’t live in the property, the gain may not be fully exempt.
So the answer really depends on 2 things:
(1) Was the property your main residence, and
(2) If it was, how long did you actually live in it.
If your answer to the above is anything other than: it was my main residence and I lived in it until I left the UK and sold it within 3 years of leaving the UK, then you really should think about seeking further advice to calculate your gain.
Hope this helps.
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