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Posted Wed, 20 Sep 2023 05:38:18 GMT by Paul Murphy
Hello, I live overseas and am planning to return to live and work in the UK. I currently own a house - my residence - but do not want to sell it immediately as the market is not great. What are tax implications of selling the property after moving to the UK? Is there a time period where capital gains would not be considered? For example if I sold the property 6 months after commencing work in the UK? 12 months? If capital gains are considered, how would this be assessed? Thanks.
Posted Fri, 29 Sep 2023 13:54:39 GMT by HMRC Admin 20 Response
Hi Paul Murphy,

If you are resident in the UK you are required to declare your worldwide income in your Self Assessment tax return.
Your foreign gain would be declared on SA108
If foreign tax has been paid on your gain then you should also complete SA106 to claim your foreign tax credit relief.  
Please see page 6 of SA106 at question 33 onwards – Capital Gains – Foreign Tax Credit Relief and Special Withholding Tax. 
You may find the following links helpful.
Report and pay your Capital Gains Tax: If you have other capital gains to report
Private Residence Relief (Self Assessment helpsheet HS283) 

Thank you.

 

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