Belimmo1972 Vaeremans
Joined: 7/9/2024
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Tax treatment on closure of oversees business originating from a gift
I am a British Citizen currently living abroad outside EU since summer 2022. For 2023/24 I was considered a UK non-resident and the same will be for the next tax year. Planning to return back to the UK in summer 2025. My parents gifted the shares of their property business located in Romania 6 years ago to myself and my brother. We have not paid out any dividends since then. We are now considering selling the property and closing the limited entity and splitting the proceedings/profits 50/50 between us. We will pay local taxes as applicable. What are the UK tax implications if this transaction happens while I am abroad and non-resident? Note I have only been non resident for two years. Can the proceedings be deemed as being a gift?