Capital Gains Tax

[Smudger]

I wonder whether anyone can clarify.

I own and live in the UK and have purchased a house in France which is just a holiday home at the moment. I plan to sell in the UK and move to France permanently at some stage over the next few years and wondered how I stand with regard to CGT on the profit on my UK sale. Could someone please clarify.

Thanks.....

 

[woolybanana]

If you sell your primary residence, which seems to be the UK one, before you move to France there should be no liability in either country.

But, if you move to France full time, then your UK place would become a secondary home and would attract capital gains tax in France, I think.

Please wait until the more knowing bods and bodices arrive to confirm my weak understanding.

[Cathar Tours]

These are the rules.

 

https://www.gov.uk/tax-sell-property/what-you-pay-it-on

 

Which leads you to....

 

https://www.gov.uk/tax-sell-home

 

So if you are living permanently in the house when you sell it then there is no CGT to pay.

 

However if your not living there and nobody asks if you should pay CGT when you sell the house.......... [:-))] I sold my UK home last year, two years after moving to France, nobody ever asked and I never paid a penny. I mean if they wanted to assume I was living there that's their problem not mine.

[Araucaria]

I expect you wouldn't have had much to pay in the UK anyway if it has been your permanent home for a number of years.

But what did you tell the French tax man?

[Cathar Tours]

When he/she asks I will tell them. [Www]