Capital Gains Tax on UK property

[Blodwyn]

If we sell our UK house, I believe we will be liable for UK CGT (if we sell for more than when we bought it in 2007). But then we would have to declare it on our French tax form. Would we be taxed in France as well?

(Wondered because someone has asked if we want to sell.)

[parsnips]

[quote user="Blodwyn"]If we sell our UK house, I believe we will be liable for UK CGT (if we sell for more than when we bought it in 2007). But then we would have to declare it on our French tax form. Would we be taxed in France as well?

(Wondered because someone has asked if we want to sell.)[/quote]

Hi,

 It's more complicated ; see the HMRC site or email them giving full details ; when you became non-resident , when you stopped living in the house -was it your principal residence, have you let it out etc.

 For french CGT see here ;

 https://www.french-property.com/guides/france/finance-taxation/taxation/capital-gains-tax/ ......

section on property outside france.

[Blodwyn]

Thanks parsnips. Yes it is much more complicated than I thought. The French Property site confused me because it said you get allowed 6% per annum, e.g. if you owned a property for 10 years = 30% (why not 60%). The HMRC calculator is complicated and of course I can't say how much I sold the house for as I haven't yet. I don't even know what price it might fetch. The tenants have packed it with so much stuff they can hardly move, so difficult for an agent to view! We bought it as insurance in case we ever need/want to return to the UK so would have to buy something else as insurance anyway.

[Chancer]

[quote user="Blodwyn"] I don't even know what price it might fetch. The tenants have packed it with so much stuff they can hardly move, so difficult for an agent to view! [/quote]

 

 have had a few like that, spend all their time buying tat on-line and dont even have the energy to throw away the empty boxes, one couple I visited in their neat tidy uncluttered flat before granting them the tenancy, little did I know that they had put all their tat in storage, they moved into my house with 3 times the surface area and the removal vans just did not stop coming until the place was like yours is now.

 

Then they continued buying, I had a couple of frank discussions with them so they just rented more storage units, moved stuff out and bought a load more, and did this again 2 more times [:'(]

 

Finally they run out of space again, did I mention that they were pumping out kids all this time as well [:'(] and moved from my 3 bed house in with his mother who had a tiny 2 bedroomed terrace now with 3 adults and 2 kids, they have probably rented the whole storage facility now.

 

Needless to say after 3 years my house looked like something you see on the TV on life of grime.

 

They both earned really good money and could easily have bought a decent place if they had any money sense.

[Blodwyn]

A little off topic! But it is odd that people who claim to have little money still buy so much stuff! Can't criticise too much as they are friends of my son and lovely people. I haven't been able to go back and see recently, but I'm told they have to clear a path to cross the living room! It's a very small house and they have two kids. I also have too much stuff in my small French house, but it's been acquired after 45 years and I am trying to declutter.