Capital Gains Tax
It may have escaped your notice that, from 6th April 2015, Capital Gains Tax kicks in for expatriates on gains made from sales of UK residential property. Before this date, you would have been exempt.
This applies to UK residential property whether leased or not whilst the owner is living abroad. The good news is that the gain can be calculated on a valuation completed on or after the 6th April 2015. Put aside the thought that you can claim Principal Private Residence (PPR) because those rules have also been revised.
Today, to qualify for PPR relief, the owner must spend at least 90 days each year living in the UK property; this can be shared between husband and wife.
There are, of course, other tax implications for expats, non-domiciled people, private companies and trusts on which you should be getting good advice from your tax advisor.
The message here is offered by Price Partnership, a Registered Valuer with the Royal Institution of Chartered Surveyors: get your property valued straight away. You might be surprised how much it is worth these days but you will be even more surprised by the amount of CGT you can save by taking this invaluable advice!
Call or email Simon Price, Price Partnership, +44 20 7736 7311 or email@example.com