C
CarterUSM
Guest
Hello
I have an enquiry regarding my liability to capital gains tax for a residential property I am currently letting out.
At the moment, both my wife and I are domiciled in Cyprus, although we are UK citizens, and we both own residential property in the UK. (My wife is subject to UK income tax on her earnings, whereas I am subject to Cypriot income tax). I am thinking of selling my property within the next five years or so.
I understand that the capital gains situation differs as between UK citizens domiciled in the UK, and UK citizens domiciled abroad. My specific query is this; were I to sell my property whilst I was still resident in Cyprus, how would my liability to CGT differ from that if I were to sell it after I had returned to the UK?
In addition, are there any other considerations I need to bear in mind if I am to reduce my potential CGT liability?
Also, if anyone could point me in the right direction regarding Inland Revenue publications, useful resources on the Web, etc. etc. I would be very grateful.
Very many thanks in anticipation of your assistance.
I have an enquiry regarding my liability to capital gains tax for a residential property I am currently letting out.
At the moment, both my wife and I are domiciled in Cyprus, although we are UK citizens, and we both own residential property in the UK. (My wife is subject to UK income tax on her earnings, whereas I am subject to Cypriot income tax). I am thinking of selling my property within the next five years or so.
I understand that the capital gains situation differs as between UK citizens domiciled in the UK, and UK citizens domiciled abroad. My specific query is this; were I to sell my property whilst I was still resident in Cyprus, how would my liability to CGT differ from that if I were to sell it after I had returned to the UK?
In addition, are there any other considerations I need to bear in mind if I am to reduce my potential CGT liability?
Also, if anyone could point me in the right direction regarding Inland Revenue publications, useful resources on the Web, etc. etc. I would be very grateful.
Very many thanks in anticipation of your assistance.