Harish Shetty
Joined: 9/3/2023
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RE: Capital gain from sale of land overseas
Thank you. If I opt for remittance basis, will I loose my personal allowance for 2023-2024 tax year against my UK income? Kindly advise. -
Capital gain from sale of land overseas
I am a UK tax resident domiciled in India. During August 2023 I sold a land in India and made a capital gain equivalent to £30000. I invested the capital gain in India under tax saving govt bonds for 5 years as per Indian tax laws. I cannot remit the capital gains to UK for 5 years as I cannot withdraw these funds for 5 years. Currently I am working in UK and I am basic tax payer with personal allowance of £12570. For my UK tax returns how these capital gains should be reported? - Does these capital gains of £30000 should be reported on arising basis or on remittance basis? - Do I have to pay any tax in UK on these overseas capital gains - If I opt for remittance basis will I loose my personal allowance for 2023-2024 tax year. Kindly advise Mr Shetty