Selling your UK property if you have moved abroad can be a difficult enough process as it is. Dealing with buyers, agents and solicitors remotely can create a nightmare. Making matters worse, many clients don’t realise that rules introduced in 2016 mean that the vast majority of people who do so must file an online Capital Gains tax return with HMRC. This is regardless of whether there is any tax payable, you might be wholly covered by a relief but you will still have to fill out HMRC’s lovely forms.
There is a very tight timescale of 30 days from the date of exchange of contracts – not much time if you’ve got removals and a new property to deal with!
If you are considering selling your property while abroad, we strongly recommend you take advice on your Capital Gains Tax position before doing so as the rules are complex and can catch people out. In fact HMRC have recently issued guidance here because so many had incorrectly believed no tax meant no return was necessary.
If you have moved abroad and still own UK property, we would be happy to advise you on your Capital Gains Tax position, even if you have already sold and it’s time for damage limitation.
For further information or advice please contact Rich Risino, Associate Solicitor in our Wills, Estate Planning & Trusts team at our Sevenoaks office on 01732 441275 or via email [email protected] or contact Dominic Maher, Trainee Legal Executive in our Wills, Estate Planning & Trusts team at our Uckfield office on 01825 744428 or via email [email protected].