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Posted Tue, 28 Nov 2023 09:16:42 GMT by agento
Dear forum, My mother own a property in HK and I will move to UK with BNO Visa and my mother as adult relative dependent visa. However, She may return to HK and become non-domicile. My questions: 1. Is she taxable when sell her only property as non-domicile? 2. Any tax involved if she put the money from sell property into my account? 3. If she pass away in UK as a non-domicile, any inheritance tax when I inherit her property? 4. Once I inherit her property, how to calculate CGT when i sell it? Thanks Have a nice day.
Posted Wed, 29 Nov 2023 15:47:09 GMT by HMRC Admin 20
Hi agento,
Please refer to Paying tax on the remittance basis (Self Assessment helpsheet HS264) for 1-3. 4. you will be liable to CGT if you sell it.
You would need to obtain a valuation at the time it is passed to you so you have 'cost' price and any gain would the be the difference, as this will be a future event, no further advise can be given as legislation may change.
Thank you.

 
Posted Wed, 06 Dec 2023 02:42:50 GMT by agento
Thanks for your reply. May I clarify my understanding of your elaboration. 1. If my mother pass away in UK as a non-domicile, there are no IHT when I inherit her foreign property(not selling). 2. The 'cost' price of the foreign property is from the valuation when I inherit her property. 3. When I sell the property. The calculation of CGT will use the 'cost' price of no.2 May I have some reference about no.2 Thanks again Have a nice day.
Posted Thu, 07 Dec 2023 12:17:32 GMT by HMRC Admin 20
Hi agento,
In answer to your questions:-
1. If your permanent home (‘domicile’) is abroad, Inheritance Tax is only paid on your UK assets, for example property or bank accounts you have in the UK.  
2. yes that is correct  
3. if you sell the gain will be based on the difference from what the  cost (valuation at date inherited) is and what it is sold for.
Thank you.

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