In April 2010, the Crown Prosecution Service (CPS) joined forces with the Revenue and Customs Prosec...
In the United Kingdom, Capital Gains Tax from the sale of residential properties is calculated in a different manner than many other Capital Gains Taxes. For these sales, you are taxed 20% – 28% of the income gained from the sale of the property. These taxes do not apply to your home but apply when you sell buy-to-let properties, business premises, land, and inherited property. Essentially, these taxes apply when you sell any property that is not your home. However, if you choose to gift these properties to your spouse, civil partner, or to a charity, you do not need to pay any taxes on this at all, as no income is gained from this. If the property is a business asset, you may be eligible for tax relief, so ensure to seek advice from our professional tax accountant.
If you’re a non-resident of the UK, you’ll need to tell the country’s customs agency if you sell or dispose of any residential property in the country. This even applies if you’re merely representing a non-resident individual who is now deceased. Once sold, you have 30 days to report the sale to HMRC, or face interest charges and other penalties. Even if you calculate that you have no tax to pay, you must report this conveyance. The tax rate is the same as for residents of the UK, at 20%-28%.
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