- April 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking professional advice on overseas property divestment
Are you currently facing a situation where you are selling overseas property, specifically in the UK, and are wondering about the implications of capital gains tax (CGT)? It is crucial to seek professional advice to navigate through the complexities of tax obligations when divesting from overseas properties.
## Offset UK CGT payment against Japanese CGT
When it comes to paying capital gains tax on your UK property divestment, one common question that arises is whether the payment made for UK CGT can be offset against Japanese CGT liabilities. Understanding the intricacies of cross-border tax implications is essential in optimizing your tax situation.
## How AI Legalese Decoder can help
The AI Legalese Decoder can streamline the process of understanding legal terminology and complex tax laws related to overseas property divestment. By utilizing this tool, you can efficiently decode legal jargon and gain clarity on how different tax obligations, such as UK CGT and Japanese CGT, may interact in your specific situation. This can empower you to make informed decisions and seek targeted advice from tax professionals to optimize your tax planning strategy.
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Heading: How AI Legalese Decoder Can Simplify Legal Jargon
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Facts will matter, including your residence status in Japan and what the property is. But, from memory, the gain shouldn’t be taxable in Japan if it’s real property (so no need to offset tax / claim tax credit), although would need to check. Otherwise, if for some reason taxable in both Japan and the UK, you should get a tax credit in Japan for tax paid in the UK.
[Here](https://www.reddit.com/r/JapanFinance/comments/tkorbv/guide_to_japans_foreign_tax_credit/) is a detailed guide to claiming a foreign tax credit in Japan, but the short answer is: yes.
A capital gain derived from the sale of UK real estate is “UK-source income” under Japanese tax law, and the UK-Japan tax treaty places no limits on the UK’s ability to tax capital gains derived from the sale of UK real estate. Accordingly, all UK tax that you are legally obliged to pay can be claimed as a foreign tax credit on your Japanese tax return.
The only “catch” is that the method of calculating the taxable value of the capital gain for UK tax purposes is likely quite different to the method of calculating the taxable value of the capital gain for Japanese tax purposes (if only because Japanese tax calculations require the use of JPY, based on the exchange rate applicable to the time of each transaction).
Accordingly, the taxable size of the capital gain may be significantly different in both countries. You can still claim a foreign tax credit with respect to the UK tax, but you may find that it doesn’t fully offset your Japanese tax liability because the value of the capital gain for Japanese tax purposes is considerably larger than the value of the capital gain for UK tax purposes.