- 11 Mar 2016
- Law Blog
- Residential Property
Non-residents who sell a property they own in the UK are reminded that they are required to inform HM Revenue and Customs through the submission of a non-resident Capital Gains Tax return (NRCGTR) and to pay any applicable CGT within 30 days of completion.
A NRCGTR is required to be submitted for all such disposals, even if there is no CGT to pay. It should also be included in the appropriate annual tax return.
To calculate the appropriate gain or loss on the property sold, it will be necessary to assemble information on the original purchase costs (including legal fees etc.) and any subsequent capital expenditure on the property, together with appropriate dates, and also to put together information regarding any reliefs against CGT which may be claimed and the dates for which such reliefs are applicable.
The most common relief claimed will probably be that the property sold was the main residence of the vendor for a period.
There is more than one method by which the CGT calculation can be done, and it is the taxpayer's choice as to which is used.