This service assists overseas clients in understanding and fulfilling their capital gains tax obligations in the UK.
Our service includes:
- Capital Gains Tax (CGT) is a tax on the profit made from the sale or disposal of an asset that has increased in value. For Non-UK resident landlords, CGT applies when selling rental properties.
- CGT is calculated by deducting the original purchase price (known as the "base cost") from the selling price (known as the "disposal proceeds"). The resulting gain is subject to tax.
- Each tax year, individuals have an annual tax-free allowance called the Annual Exempt Amount. This amount is deducted from the total gain before calculating the CGT liability. The Annual Exempt Amount for the tax year 2023/24 is £6,000 (subject to change).
- The gain is calculated by taking into account various factors, such as the purchase price, selling price, costs of buying and selling the property (including legal fees and agent fees), and any improvements made to the property during ownership.
- You must report and pay any Capital Gains Tax on most sales of UK property within 60 days.
With our Capital Gain Tax for Non-UK Resident Client service, we provide tailored advice and expertise to help you navigate the complexities of capital gains tax in the UK. Our goal is to ensure compliance with tax regulations and minimize your tax liability, maximizing the benefits of your investments.