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Posted Sun, 03 Mar 2024 09:50:14 GMT by San CA
Hi, I am a tax resident since April 2022 and have filed my returns as a non domiciled tax payer.under the remittance basis. I own a property in a foreign country since 2016, before I became a tax resident. If I sell the property and remit the proceeds from abroad, will the remittance be liable to tax? How will this remittance be treated? What kind of documents do I need to maintain for this?
Posted Sat, 16 Mar 2024 18:57:56 GMT by San CA
Hello HMRC Team, Can you please review this thread and provide your guidance? Thanks
Posted Thu, 21 Mar 2024 16:44:20 GMT by HMRC Admin 20
Hi San CA,
If you choose to use the remittance basis, you are taxed on your UK income and capital gains along with any remitted income and capital gains.  
If you dispose of this property and bring the proceeds to the UK, the proceeds will be taxable under capital gains rules and would need to be declared on a self assessment tax return.  
You would need SA100 (tax return) SA108 (capital gains) SA106 (foreign) and SA109 (residence, domicile and remittance) along with any other supplementary pages.  
Please note that by using the remittance basis, you lose your personal allowance and capital gains allowance.  
Have a look at section 9 of Residence, domicile and the remittance basis: RDR1 for more information.
Thank you.

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