You’re offline. This is a read only version of the page.
Sorry, but this is not what my question is about. My question is not about capital gains. It is only about cash transfer. The only question is how much cash from abroad I can transfer to UK tax-free in this case.
I am aware that I could transfer all cash I had in possession abroad before my move to UK, and that any cash transfer on earnings after my move to UK is taxable.
The unclear detail here is that I had property, not cash, in my possession before my move to UK. Now that I sell that property after my move to UK can I transfer the cash proceedings from that sale tax-free to UK, Suppose there are no capital gains.
Let me narrow down my question. I am a non-domiciled resident filing taxes on arising basis. I moved to UK two years ago from Canada. At that time my flat in Canada was worth 200K. I will sell the flat this year for 250K and pay capital gains in Canada and UK as needed. My question is: how much money from this sale I can transfer to UK tax free: 0, 200K or 250K?
To rephrase your answer, if I am using remittance method I don't need to report the sale in UK, and I can't transfer any sale proceeding to UK tax-free. If I choose arising basis for the year can I transfer proceeds to UK tax-free? Can I transfer all proceeds, or just the amount of the property value at the time I moved to UK. To clarify, this question is not about capital gains, it is just about cash transfer from abroad, and how much cash I can transfer to UK tax-free.
Me and my wife moved to UK a couple of years ago. We are non-domiciled in UK. One of use uses remittance, and the other uses arising basis.
At the time of our move to UK we owned an overseas real estate property (flat) that has been rented out. Now we want to sell it.
We know that we could transfer tax free our money from overseas to UK only if it was owned by us before the move to UK. Can we also transfer cash proceeds from this sale tax-free to UK? Does it depend on remittance vs. arising basis? Can we transfer only the amount that the property was worth at the time of our move to UK, or can we transfer all proceeds from the sale, assuming we pay capital gains tax on the sale abroad and in UK.