Chartered Accountants
Non-Resident Individual Who Sold Their UK Residential Property
Our client, who lived in Dubai, owned a property in Scotland which they had previously lived in. Our taxperts assisted with the Capital Gains Tax reporting requirements when the Scottish property was sold.
How we helped our client
When the client sold the property, after 5 April 2015, they were required to submit a Non-Resident Capital Gains Tax (NRCGT) return within 30 days of conveyancing. The client let us know when the property was advertised for sale, and our taxperts liaised with their solicitor so we were advised as soon as conveyancing completed. We then prepared the necessary NRCGT return and computations.
There are 3 possible methods of calculating the gain in an NRCGT return, so we determined the most beneficial to our client and submitted their return on this basis. As the client submits Self Assessment tax returns, it was possible to defer payment of the Capital Gains Tax liability from 30 days following conveyancing to 31st January following the end of the tax year.
For more information or to discuss further, please contact the International Individuals Taxperts.
