- April 23, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Selling London Flat in Q4, Needing UK Tax Information
I am currently contemplating the sale of my London flat in the fourth quarter of this year. As I explore this option, I am interested in understanding the potential UK taxes that I may incur upon selling the property. It was back in June of 2012 that I purchased the flat for £425k, and if I were to sell it for £600k, what kind of tax liabilities should I anticipate? Specifically, I am curious about capital gains tax implications for non-residents and whether the length of ownership, which has nearly reached 12 years, would affect the taxation process. Additionally, I would like to know if the fact that the flat is currently being let out will have any impact on the tax treatment.
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This is a question with a lot of complexity embedded & the answer will depend on the details of your personal circumstances. You can get an idea of what’s involved here: [https://www.litrg.org.uk/savings-property/capital-gains-tax/non-residents-and-capital-gains-tax](https://www.litrg.org.uk/savings-property/capital-gains-tax/non-residents-and-capital-gains-tax)
Tbh, it sounds like you need to talk to a professional who can go through the precise details of your residency for tax purposes with you if you want any kind of definitive answer to this question.
Hi /u/SimpleComputer888, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/buy-to-let/
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Did you live in the flat at all and when did you become non resident?
There is capital gains, it’ll depend how long you’ve lived there, you can rebase the purchase price to April 2015 and pay the gains from then until now.
I sold as a non resident, it’s worth speaking to an accountant.
Addendum: Some details here [https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property](https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property) and here [https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss](https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss)
with references to this HMRC tax note here: [https://www.gov.uk/government/publications/non-resident-capital-gains-for-land-and-property-in-the-uk-self-assessment-helpsheet-hs307/hs307-non-resident-capital-gains-on-direct-and-indirect-disposals-of-interest-in-uk-land-and-property-2024](https://www.gov.uk/government/publications/non-resident-capital-gains-for-land-and-property-in-the-uk-self-assessment-helpsheet-hs307/hs307-non-resident-capital-gains-on-direct-and-indirect-disposals-of-interest-in-uk-land-and-property-2024)
If you need to reference HMRC guidance notes in order to get your tax right, you /probably/ want to talk to a professional.