uk non resident CGT

[salavan]

has anyone heard about the base date to be used for calculating CGT. Is it going to be the original purchase date, the 31st of March 1982 (the rebasing date for pre 1982 purchases) or April 2015?

[AyG]

I presume that you're referring to CGT on property. There's no proposal that I know of for CGT on investments.

The current draft legislation says that taxation will be based upon the property value on April 6th next year. It's unlikely this will change.

[rayongchelsea]

Cgt is not assessable for long term non residents.

[CRUNCHER]

Cgt is not assessable for long term non residents.

My understanding is that this will change on 1st April 2015. If you have any information to the contrary I, and I suspect many others, would love to hear it.

[rayongchelsea]

Cgt is not assessable for long term non residents.

My understanding is that this will change on 1st April 2015. If you have any information to the contrary I, and I suspect many others, would love to hear it.

I thought it was deferred until at the earliest April 2017.

Where in the budget statement did it say April 2015.I didn't see it, maybe my oversight.

[AyG]

Cgt is not assessable for long term non residents.

My understanding is that this will change on 1st April 2015. If you have any information to the contrary I, and I suspect many others, would love to hear it.

I thought it was deferred until at the earliest April 2017.

Where in the budget statement did it say April 2015.I didn't see it, maybe my oversight.

It wasn't proposed in the budget statement, it was proposed in the Chancellor's Autumn statement in 2013.

As I wrote previously, the legislation is still at the draft stage, but proposed the start date is 6th April 2015.

There was some argument for a deferral to allow people time to sell their properties before the tax was introduced. However, since it is now proposed that CGT is based upon the increase in value from the April 2015 valuation (not the original purchase price), that argument no longer holds water.

[rayongchelsea]

Cgt is not assessable for long term non residents.

My understanding is that this will change on 1st April 2015. If you have any information to the contrary I, and I suspect many others, would love to hear it.

I thought it was deferred until at the earliest April 2017.

Where in the budget statement did it say April 2015.I didn't see it, maybe my oversight.

It wasn't proposed in the budget statement, it was proposed in the Chancellor's Autumn statement in 2013.

As I wrote previously, the legislation is still at the draft stage, but proposed the start date is 6th April 2015.

There was some argument for a deferral to allow people time to sell their properties before the tax was introduced. However, since it is now proposed that CGT is based upon the increase in value from the April 2015 valuation (not the original purchase price), that argument no longer holds water.

Thank you.

I meant for it to become law it would have had to have been passed in the next budget. So even April 2015 is a non starter, right?

To complex to even consider retrospective tax legislation .

Also the situation with the personal allowances is still the same ( good news).

[AyG]

I meant for it to become law it would have had to have been passed in the next budget. So even April 2015 is a non starter, right?

No such luck. The proposal was included in the 2014 budget, which was voted on and passed. All that needs to be finalised now are the details, and they're already pretty much set in stone. April 2015 looks like a definite.

[topt]

I meant for it to become law it would have had to have been passed in the next budget. So even April 2015 is a non starter, right?

No such luck. The proposal was included in the 2014 budget, which was voted on and passed. All that needs to be finalised now are the details, and they're already pretty much set in stone. April 2015 looks like a definite.

Article I saw today but was published on the 11th which goes into it a little - http://www.telegraph.co.uk/finance/personalfinance/expat-money/11287732/Expat-property-owners-should-act-now-to-avoid-CGT.html

[rayongchelsea]

Appreciate all the responses to my incorrect assumption that cgt had been delayed.

Will now need to get a valuation next April .

Very helpful. Cheers.

[topt]

Appreciate all the responses to my incorrect assumption that cgt had been delayed.

Will now need to get a valuation next April .

Very helpful. Cheers.

Interesting that you are considering getting a valuation and this is the bit I have an issue with. If you for example decide to sell in say 2020 or whenever who and how will the value at April 2015 be determined?

Most people I would suggest will probably not get their properties specifically valued and who is to determine even if they did that the valuation was correct?

[rayongchelsea]

Appreciate all the responses to my incorrect assumption that cgt had been delayed.

Will now need to get a valuation next April .

Very helpful. Cheers.

Interesting that you are considering getting a valuation and this is the bit I have an issue with. If you for example decide to sell in say 2020 or whenever who and how will the value at April 2015 be determined?

Most people I would suggest will probably not get their properties specifically valued and who is to determine even if they did that the valuation was correct?

It just seems logical to me.

The tax man at the time of sale will make his own assessment as to whether the gain declared is reasonable.

I will get my agent to value it. I can see on rightmove and zoopla what my properties are worth ( within reason). Any number of other sites to obtain land registry information/ sale prices.

What if you have significant renovations after April 2015, how will the property be assessed at April 2015. What part of the gain is apportioned to the improvement etc..need to maintain detailed records.

On your tax return you will declare the capital gains tax payable. It is your responsibility, so why not?

Given that they will probably reduce the personal allowances in 2017, then it's no long a value proposition and will sell up, so not too far off.

Cheers