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Capital Gains Tax for non-UK residents

 
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PC Parrot



Joined: 11 Dec 2009
Posts: 399
Location: Moral Police Station

PostPosted: Thu Dec 05, 2013 2:53 pm    Post subject: Capital Gains Tax for non-UK residents Reply with quote

As of April 2015, any capital gain on property sold in the UK will be subject to UK tax.

Sell up soon, re-invest, and save yourself 18 to 28%.

http://www.ibtimes.co.uk/articles/527750/20131205/autumn-statement-cgt-foreign-property-tax-george.htm
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Perilla



Joined: 09 Jul 2010
Posts: 783
Location: Hong Kong

PostPosted: Tue Dec 10, 2013 7:40 am    Post subject: Reply with quote

Draconian though this is, I somehow doubt it will affect many TEFLers.
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PC Parrot



Joined: 11 Dec 2009
Posts: 399
Location: Moral Police Station

PostPosted: Wed Dec 11, 2013 4:34 am    Post subject: Reply with quote

No. Unfortunately, it won't affect many, as the TEFL industry generally pays appallingly, meaning that many TEFLers can't even afford to visit the UK let alone buy a house to relocate there in the future.

Nevertheless, it's worth posting as there might just be someone - and there are quite a few where I work - there might just be one person who has owned a property in the UK for a significant amount of time. If there is, then they could easıly be looking at a capital gain of between £100,000 and £200,000 + and a corresponding tax bill of between £28,000 and £56,000 + ... a bill which could be avoided if they were to sell up before the new tax laws come into effect.

Of course, if they intended to reside in the property for a certain length of time on returning to the UK, then CGT wouldn't be an issue, as one's main residence is exempt.
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sprightly



Joined: 07 May 2003
Posts: 129
Location: England

PostPosted: Sat Mar 08, 2014 12:23 am    Post subject: Reply with quote

i would think, given the number of people changing careers in their 40s, that there are a fair number of people who owned property prior to heading off to see the world.

personally, i'm more concerned about maintaining my NI contributions so i can qualify for a pension when i stop working. which will likely be when i'm 75, at this rate...
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PC Parrot



Joined: 11 Dec 2009
Posts: 399
Location: Moral Police Station

PostPosted: Sat Mar 08, 2014 2:37 am    Post subject: Reply with quote

I read somewhere - and it requires verification from a tax expert - that anyone subject to this new law could have a valuation done on April 5th 2015. They could then use this figure as the purchase price to compute any future capital gain.

In other words, any gain made prior to April 2015 would not be taxed.

The NI contribution is a separate issue. Anyone that doesn't keep up with their payments is missing out on a great investment - especially with the flexibility of partial pensions etc..
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sprightly



Joined: 07 May 2003
Posts: 129
Location: England

PostPosted: Mon Mar 10, 2014 12:04 am    Post subject: Reply with quote

annoyingly, when i filled out the form for hmrc so i could pay NI on last year's overseas income, the response i got was, 'thank you, we'll let you know how much to pay... in 18 months.'

and my income has only gotten more complicated since then.
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