CGT Overseas

Question 1

when is someone considered Domicile for CGT purposes?

Answer 1

by:
- origin
- dependency
- choice

Question 2

rules for non Uk resident disposing of UK property?

Answer 2

if residential property tax @ normal UK rates.

Non residential:
- if bought and sold after 5th April 2019 tax as normal

if acquired before 5th april 2019:
- use market value at 5th April 2019

Question 3

what are the temp absence from UK rules?

Answer 3

rules apply if someone is UK resident for 4 or more of the 7 tax years before leaving the UK and becoming a non UK resident for 5 years or less.

• they will be charged CGT on assets they dispose of once they return to UK
• charged CGT on assets they dispose of while abroad if owned prior to leaving UK
• assets bought and sold while absent from UK not chargeable.

Question 4

when is someone considered deemed domicile for CGT?

Answer 4

• UK resident for 15/20 previous tax years with one being in 2017/2018.
• someone born in UK, domicile of origin UK and is UK resident in tax year of transfer then they are treated as deemed domicile.