Non-resident CGT tax

[Kawasicki]

Hey there, quick one.

Bought a house with my wife as sole residence in 2004
Moved abroad 2008, tried but couldn't sell in 2008
Place has been rented out since.

So I need to sell, and I'm aware that CGT is payable on any gains past April 6th this year.

My question is, how is the property officially valued as of April 6th?

[Kawasicki]

dirty boy said:

Kawasicki said:

Hey there, quick one.

Bought a house with my wife as sole residence in 2004
Moved abroad 2008, tried but couldn't sell in 2008
Place has been rented out since.

So I need to sell, and I'm aware that CGT is payable on any gains past April 6th this year.

My question is, how is the property officially valued as of April 6th?

Valued on the disposal cost with respect to CGT irrespective of date unless it's a transfer between connected persons.

Flog it before the 5 April.



ETA Speak to your accountant!

From

http://www.telegraph.co.uk/finance/personalfinance...

" If you wanted to wait until after April 6 you will be taxable on any gain made on the property, but your acquisition cost will be rebased to the value as at April 6 2015."

rebased....does he mean that the CGT tax will only be charged on the increase in value from April 6th onwards?...I hope so, otherwise it's not really a fair tax, as it acts retrospectively.

And, I know you are not an accountant, this is just a discussion on t'internet!

Edited by Kawasicki on Wednesday 25th February 09:58