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posted on November 20, 2018
Any taxpayer is allowed to make tax-free capital gains of £11,700 during the 2018-19 tax year. There are also a number of circumstances when a disposal does not create a taxable gain. These include:
If you are resident abroad, you will have to pay tax on gains you make on residential property in the UK even if you are non-resident in the UK for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving. You also need to file a gain on property with HMRC within 30 days of the conveyancing as well as on your personal Self-Assessment tax return. From 6th April 2019 that will apply to anyone – resident or non-resident – selling a UK property. Even if gains are taxable there may be reliefs you can claim to reduce or defer any Capital Gains Tax that may be due. These reliefs include:
The circumstances when these reliefs may be of use and the rules surrounding them can be complex and it is always wise to seek professional advice before actually making the sale so that you are aware of the potential liability.