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Posted Thu, 09 Sep 2021 06:22:10 GMT by Amit Premkumar Arora
I am a British citizen resident in the UK for the past 20 years. My roots are in India and I belong to a large joint family (none of which are either resident or UK citizens) A certain residential property owned by the family is now being considered to be given up to a Developer for redevelopment. As an heir to my late father's estate I am entitled to receive a share of the consideration for the same. I have never received any economic benefit from property thus far. As consideration for giving up my rights in the property I am due to receive a paymentof about £ 25000. All relevant taxes payable and due in India shall be paid by me. Kindly let me know whether I need to declare this transaction in my Self Assessment and taxes due if any. Thank you
Posted Fri, 10 Sep 2021 15:16:27 GMT by HMRC Admin 10
Hi

As a UK resident, any income tax from abroad, including capital gains tax needs to be reported to the UK unless you are claiming the remittance basis.

Further guidance on both can be found here :

Capital Gains Tax

and

Residence, domicile and the remittance basis: RDR1

Thankyou.

Regards.

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