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Old 05.11.2020, 17:46
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Phil_MCR Phil_MCR is offline
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Re: CGT on foreign property

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This is correct and I have read this and can confirm it

What remains outstanding is how the five years should be interpreted. I see two meanings:

1) Sell uk btl today and wait five years before returning
2) wait five years and then sell before catching the first flight home

clearly these two are are on either side of the spectrum but do you actually know which one is correct??

can you really wait five years then sell then move back to the UK?
this was done to defeat planning. i know one case where huge gains were made tax free as the guy was sent on a nice year long trip around the world designed to make the gain non-taxable in any jursidiction. a 1 year trip is ok. but 5 takes a bit more effort.

https://www.litrg.org.uk/tax-guides/...ital-gains-tax

Very broadly, you will be temporarily non-resident in the UK if:

you have been resident in the UK for at least four tax years (out of the seven tax years prior to departure); and
you leave the UK and become non-resident; and
you then return to the UK after a period of non-residence lasting five years or less.
If there is any doubt over whether or not you have a period of non-residence lasting five years or less, please defer to the detailed rules contained within HMRC’s technical manuals. Depending on your circumstances, this can be counter-intuitive and may not reflect the period you were physically outside the UK.
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