veszprem Posted August 8, 2005 Share Posted August 8, 2005 I heard from someone that if you have been living in France for over two years and made two tax declarations here, when you sell property in the Uk you are not liable for capital gains tax. Can anyone enlighten? would appreciate ruling to quote solicitor in the UK. I am selling a flat I have not lived in, but it is my only residence in the UK. Link to comment Share on other sites More sharing options...
Debra Posted August 9, 2005 Share Posted August 9, 2005 This seems to be in the wrong forum, but this article will be of use - check carefully the bit leaving the tax year before you disposed of the property, as I'm not sure whether to read that as you will still be liable to UK capital gains tax, especially since you never lived in the property.http://www.frenchentree.com/fe-legal/DisplayArticle.asp?ID=2174 Link to comment Share on other sites More sharing options...
veszprem Posted August 15, 2005 Author Share Posted August 15, 2005 I have spoken to the Inland Revenue, and it is True, you dont have to pay CGT ON ANY PROPERTY OR BUSINESS if you are domiciled in France and dont spend much time inthe UK and stay away for the total of 5 years, starting at your arrival in France. Good news: Link to comment Share on other sites More sharing options...
BJSLIV Posted August 15, 2005 Share Posted August 15, 2005 Presumably the bad news is , you then pay 27% tax in France instead. Link to comment Share on other sites More sharing options...
Debra Posted August 15, 2005 Share Posted August 15, 2005 Nope - read the article about the loophole. Link to comment Share on other sites More sharing options...
Debra Posted August 15, 2005 Share Posted August 15, 2005 [quote]I have spoken to the Inland Revenue, and it is True, you dont have to pay CGT ON ANY PROPERTY OR BUSINESS if you are domiciled in France and dont spend much time inthe UK and stay away for the total o...[/quote]what did that bit about having moved at a certain time mean then? I wasn't sure if it was relevant to you or meant one had to carefully time moving and selling........"There is an important caveat: you must clearly have left the UK in the UK tax year (not the calendar year) preceding that in which the property is disposed of, and must not return to the UK within the next five tax years. The exact nature of what constitutes a 'return' to the UK is outside the scope of this article, but it is made clear by the double tax treaty."Note that this loophole is expected to be closed in the next couple of years, anyone looking at this who doesn't read the article! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.