Quizzes & Puzzles1 min ago
Do i need to pay capital gain tax on overseas residantial plot/land?
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I took a personal loan and bought an overseas residantial plot two years ago. Now I want to sell my overseas residantial plot/land and buy a house in UK and want to use sales proceeds of oversease residantial plot to cover my deposit (for morgage). Do i need to pay capital gain tax? if yes, then do i have any tax relief? Please advice.
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If you have made a gain in the value of the land and you are resident or normally-resident (as defined by HMRC) in the UK then you are liable for CGT on the gain, but of course you can offset the normally annual CGT allowance from any gain before tax is assessed.
The 'tax relief' is the annual exempt amount, which is the first £10600 of any gain.
The 'tax relief' is the annual exempt amount, which is the first £10600 of any gain.
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