selling property abroad and bringing money to uk

Twetti, I assume you are a tax resident of the UK? if you were UK tax resident but non-UK domiciled) then moving funds to the UK does not usually crystallise a UK tax charge. The proceeds of the sale will be transferred to the UK and divid with my two siblings. I would recommend that she seeks professional advice to ensure the transaction is properly recorded in her UK self assessment tax return. If you’re setting the price in local currency, which will most likely be the case unless you’re selling to a fellow British expat, be aware of the additional cost of currency conversion and set your expectations accordingly for any exchange rate fluctuations. I cannot imagine that this is correct. You cannot choose in which country you pay tax. To help us improve GOV.UK, we’d like to know more about your visit today. None of the information contained in this website constitutes, nor should be construed as financial advice.moneycorp is a trading name of TTT Moneycorp Limited, a company registered in England under registration number 738837. Jacqui, your mother will need to seek tax advice in New York in order to find out whether she will be subject to tax in the US. From the property sale to local costs for legal and professional fees and taxes, there may be a number of currency payments required to repatriate your funds back to the UK, all of which can be made from your international payments account. separate conversions for acquisition and sale. Regulatory info | Terms of use | Privacy Policy | Cookie Policy  |  Modern Slavery Act |  Security |  Open Banking. Travel money services are provided by Moneycorp CFX Limited. Don’t include personal or financial information like your National Insurance number or credit card details. You may also have to pay tax in the country you made the gain. Reinhart, given the complexity of your situation I would recommend that you seek professional advice. Building the house took a couple of years during which time I was frequently sending money to complete the build. Once the UK and overseas tax positions are understood, it would be necessary to refer to the relevant treaty to determine which country has primary taxing rights and therefore how the double tax relief would be given. Even if there is no gain, you may need to report the disposal to HM Revenue & Customs via a self assessment tax return. Are we liable for any taxes. No matter how big the transfer, we are ready to send your global payment. Depending on the relevant exchange rates and your personal tax profiles you may not actually have to pay any tax if your gain is below the capital gains tax annual exemption (£11,000 in 2014/15). Amounts are generally converted at the date of the transaction, i.e. Home > Opinion > Selling property abroad – the tax implications, by Whenever a transaction involves two different countries, consider consulting a tax expert and get advice in the other country to ensure that any local requirements are dealt with. Credit may be given for any Maltese tax paid depending on local Maltese tax law as well as the UK/Malta double tax treaty. If the gain is also taxable in the UK then generally you should be able to claim a credit for any German tax paid up to the level of the German tax. It is likely that she would only be taxable on any increase in value since her mother’s death but this would need to be confirmed. Yes, you will need documentation to support any amounts included in your tax return. John, sorry for the delay in responding to your query. I hope that is some help but you do need to engage someone to formally advise you. Haines Watts can introduce you to a local advisor, through its membership of the GGI international alliance of professional firms. You’ve accepted all cookies. Transferring funds should not create a tax liability unless you have previously claimed to be taxed on a remittance basis however as a UK resident any income or gains are taxable here in the first instance; it is then necessary to consider what reliefs are available.

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