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Posted Mon, 05 Feb 2024 07:34:36 GMT by
Hi, I am a UK national and pay tax in the UK. I own a property in Colombia outright, i.e the property is paid in full. It is unencumbered. It has no loans against it and does not have a mortgage on it. I am now considering remortgaging it to release some equity. If I bring that released equity into the UK, do I need to pay tax on it? Thank you.
Posted Wed, 07 Feb 2024 12:06:25 GMT by HMRC Admin 20 Response
Hi Robine,
No.  
Mortgaging a property to release equity, does not attract any UK tax liability; nor will it be a factor in calculating and capital gains tax liability, should you later dispose of the overseas property.
Thank you.

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