HMRC Admin 32 Response

Hi,

When calculating the Capital Gains Tax due on the sale of an inherited overseas property, you would first need to establish the market value of the property on the date on which you inherited it.

CG16330 - Assets: principles of valuation: meaning of market value

You may also find HMRC's Capital Gains Tax on Property calculator helpful:        

Tax when you sell property

Thank you.

Hi Damian Goddard-Lane,

If its going to be on an employed basis you won't need to report this to HMRC. If it's on a Self-Employed basis you will only need to declare this if your earnings during the tax year from this are above £1,000.

Trading allowance

Thank you.

Hi snoop dogg,

You can claim expenses currently going back to the tax year 2019 to 2020 however if HMRC request evidence of the expenses you won't be able to proceed.

Thank you.

Hi,

Article 18 of the UK / Luxembourg double taxation agreement, advises that as a resident of the UK, you will be taxable in the UK on the pension withdrawal in Luxembourg.  

UK-Luxembourg 1967 Double Taxation Convention (consolidated version)

As this is a foreign pension, you would need to declare it in a Self Assessment Tax Return on SA106 in the tax year the pension payment arises.

Thank you.