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Old 10.03.2020, 13:31
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Capital Gains tax - UK person working in Switzerland

Hi,

A couple of questions

1) I own my house outright in the UK no morgage and nothing owed, I read somewhere on the HMRC website that If I work abroad (I have a job offer in Switzerland, full time) and later on come back to the UK, I would have to pay CGT on this, this is my only house, anyone know?

2) Also how long can you be a B resident for?

Look forward to any help/advice

Richie
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Old 10.03.2020, 13:38
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Re: Capital Gains tax - UK person working in Switzerland

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Hi,

A couple of questions

1) I own my house outright in the UK no morgage and nothing owed, I read somewhere on the HMRC website that If I work abroad (I have a job offer in Switzerland, full time) and later on come back to the UK, I would have to pay CGT on this, this is my only house, anyone know?

2) Also how long can you be a B resident for?

Look forward to any help/advice

Richie
Possibly, depends the time you owned & the gains whilst not your main residence. Several ways to calculate.

B 5 years can be renewed or converted to C if you are eligible for a C.
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Old 10.03.2020, 19:01
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Re: Capital Gains tax - UK person working in Switzerland

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Hi,

A couple of questions

1) I own my house outright in the UK no morgage and nothing owed, I read somewhere on the HMRC website that If I work abroad (I have a job offer in Switzerland, full time) and later on come back to the UK, I would have to pay CGT on this, this is my only house, anyone know?

2) Also how long can you be a B resident for?

Look forward to any help/advice

Richie

Only when you sell it.
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Old 10.03.2020, 19:48
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Re: Capital Gains tax - UK person working in Switzerland

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Only when you sell it.
Am I right in thinking the CGT is on the profit made? I am not in the know when it comes to these things!
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Old 10.03.2020, 20:07
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Re: Capital Gains tax - UK person working in Switzerland

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Am I right in thinking the CGT is on the profit made? I am not in the know when it comes to these things!
Yes, however personal private residences are exempt, if you don't live in it it's not.

Here is the non resident tax declaration you need to make within 30 days of the sale after 6 April 2020
https://www.tax.service.gov.uk/short...m/NRCGT_Return
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Old 10.03.2020, 20:25
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Re: Capital Gains tax - UK person working in Switzerland

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Am I right in thinking the CGT is on the profit made? I am not in the know when it comes to these things!



Yes. Generally the liability is based upon the proportion of time the property wasn't your main residence. All the info can be found if you google it.
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Old 10.03.2020, 20:53
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Re: Capital Gains tax - UK person working in Switzerland

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Yes. Generally the liability is based upon the proportion of time the property wasn't your main residence. All the info can be found if you google it.
This is HMRC's calculator, there are 3 ways of calculating the tax, the 3 answers I got from an example taxed ranged from 619 to 38,745, I would choose the 619 however many of my socialist friends would expect me to pay the 38,745
https://www.tax.service.gov.uk/calcu.../non-resident/
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