Any gain made on the sale of property in the period commencing 5 April 2015 will be chargeable. Wellers Accountants are therefore advising all home owners living overseas to find out the approximate value of their UK property now so they can calculate and be in control of any gain made when they come to sell in the future. —
Chris Lusty of Wellers Accountants says: “We would suggest that home owners make a note of the condition of the property now and take pictures to evidence any findings. Note the price of similar properties being sold locally or consider using internet sites to assess the value. It is not necessary to obtain a professional valuation but this could be useful.
“By placing a stake in the ground now, it will be easier to prove to HMRC what gain is liable for tax when the time comes to sell.
“It is also important to note that if the valuation of a property is actually lower now than when purchased, the original cost of the property may be used.”
The rules for claiming private residence relief (PRR) will also change for non-residents. Homeowners or their spouses or civil partner need to stay overnight at least 90 separate days in the tax year. If however the usual PRR rules were met at any time prior to 6 April 2015 then the last 18 months will be exempt.
Chris concludes: “Any disposal must be reported to HM Revenue & Customs within 30 days of completion whether or not you complete UK tax returns. So remember to keep in touch with your accountant if you plan to sell up in the UK.”
Wellers is one of the most successful medium sized firms of accountants and business advisors in the South East. Established 70 years ago, Wellers has four offices covering London and the Thames Valley with around 80 loyal and experienced employees. The firm provides a comprehensive range of professional services whilst retaining a partner-led approach. Partners work integrally with organisations to help them achieve their business objectives and fulfil their aspirations. Clients then benefit from tangible savings and sustainable business growth, branded by Wellers as ‘Business Oxygen’.
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