Do I need to declare or pay tax on a property that I have sold abroard?

[TREVOR B]

I have sold the property and wish to put the money into a UK account. I have sold the property to a UK resident and will receive
a deposit of 100K by bank transfer within the UK.

[Debs]

Sadly yes unless this was your home and you were living in it.

The tax will be calulated as follows:-

Sales Income, less cost, less an allowance for inflation (called indexation) if you bought it several years ago. To be able to calculate the allowance I need to know how much and when your sold and bought the property.

From your gain deduct 9,200 as this is the annual allowance then you can deduct taper relief but this depends on how long you owned the property. This equals the amount taxable at 22% or 40% depending on whether or not you are a higher rate payer.

The taper relief will be more generous if this was a business asset, but that will depend on whether you let the property and if you did, did you declare that income?

You may get some further reliefs if you re-invest the money into something else.

You will need to get and Accountant to help you declare this tax anyway as although you could attempt to calculate it yourself you would probably miss claiming the inflation and taper allowances which may be quite a bit.