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Posted Sun, 14 Jan 2024 15:07:02 GMT by
Hello, I would like a clarification in regards of a property sale in Italy. example Buy price 145.000 EUR sell price 145.000 EUR no CGT applicable my questions are: 1) can I remit 145.000 EUR from Italy to a UK bank account without any tax implication considering no CGT is due? 2) do I need to declare I remitted 145.000 EUR in the self assesment in UK and how do I make sure UK does not consider it as an income and tax me 40% of property value 145.000 EUR = 58.000 ? 3) Which document do I need to provide to HMRC to proof the buy and sell price are the same? I have navigated on HMRC website but there are no clear examples a part CGT which is clear, but does not explain the remittance into UK of the property sale. thanks for the clarification best regards
Posted Wed, 17 Jan 2024 11:37:50 GMT by HMRC Admin 25
Hi pbarisiell,
As you are remitting the income you would still report the sale of the property.
Your disposal price and costs would be the same so that no capital gain arises.
Please also refer to:
Remittance basis 2023 (HS264)
Thank you. 
Posted Sat, 20 Jan 2024 13:26:02 GMT by
Hi, thanks for your feedback, however still not clear and website doesn't halp. After I remit the property sale and no CGT as stated previously, there are additional taxes applicable based in your tax rate (20% / 40% HTR) or not? Just to understand if I have to pay 40% of 145.000 euro, equivalent to 58.000 of taxes, I will then spend my money in Italy and I will not remit anything in the UK Thanks again for your feedback but you know sometimes rules are not clear and there is a lot of misinformation Best regards Paolo Barisiello
Posted Wed, 24 Jan 2024 14:41:45 GMT by HMRC Admin 20
Hi pbarisiell,
There will be no cpaital gain but you need to report any of the money remitted to the UK if you use this to buy anything in the UK.
Commonly foreign income and gains are ‘remitted to the UK’ if they (or something deriving from them) are:
brought to, or received in, or used in the UK by you or another relevant person
brought to, or received in, or used in the UK for your benefit or that of another relevant person
used to pay for a service provided in the UK to you or another relevant person
used to pay for a service provided in the UK for your benefit or that of another relevant person
used outside of the UK for a relevant debt in the UK
A remittance will not only occur if you remit the actual or original foreign income and gains to the UK.
You will also make a remittance if you remit something that derives from them to the UK.
Thank you.

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