Is UK CGT payable on profit from house sale?

MnM · Post by **MnM** » Wed 23 Aug 2023 4:36 pm

Searched for Capital Gains Tax and nothing came up.

Has anyone ever sold their house in TRNC who live in the UK and declared the profit to HMRC for Capital Gains Tax? TRNC does not exist but would HMRC consider Cyprus as a whole island and therefore the profit is a tax liability? We'll be buying property again anyway so the capital will not be going to the UK.

Post by **Soner** » Wed 23 Aug 2023 5:03 pm

We don't exist.

Groucho · Post by **Groucho** » Thu 24 Aug 2023 5:23 am

Even in the UK, the profit from a house ploughed into a further purchase is not CGT taxable as long at the new purchase is committed to within a period of time (1 or 2 years I believe).

Reyntj · Post by **Reyntj** » Thu 24 Aug 2023 12:21 pm

Generic info

Better to know the truth and be informed .

https://www.shipleys.com/resources/unde ... rty-sales/

Doesn't really answer your question...but yes officially if you are UK resident you have to inform HMRC .

The lack of replies could infer nobody knows ...and therefore many forgot to inform...

At a guess as there is no double taxation agreement and first sale in trnc has cgt free election HMRC could apply CGT as UK rules as a second home if it is your second home ? Worst case scenario. UK CGT Is 18 or 28% on gain depending if you are a high rate tax payer less allowances and costs .

MnM · Post by **MnM** » Fri 25 Aug 2023 12:26 pm

Many thanks for that. The new purchase/s will definitely be within a year so no need to declare anything to HMRC as the funds will stay in TRNC. I've added that page to my favourites so will have a good lookie later.

Reyntj · Post by **Reyntj** » Fri 25 Aug 2023 12:54 pm

Sounds like you are just cherry picking what you want to hear ...

I doubt Shipleys the accountants are wrong ..

And groucho I believe was referring to main residence ..

He said nothing about not reporting it ..

Even in the UK you have to report the sale of any property

You must have a different Google search to me as quick search clearly states all overseas property sales are reportable ..perhaps that wasn't the answer you where looking for ..

There is no communication between HMRC and trnc as there is no double taxation agreement ..clearly that might be a consideration .....