Re: Re: British expats must declare overseas assets

#117580

Anonymous
Participant

I can’t remember the exact HMRC rules, but if you also sold your UK home you would become eligible to CGT, unless you declared it as your main residence. Now if you have been tax resident in Spain for several years, you will not be able to declare it as a main residence. If you move back to the UK ,become tax resident and then sell the UK home, again I am sure there are some time constraints that if not sufficiently fulfilled you will find you can’t declare the UK property as your main residence.

Owning 2 properties, either way, when you sell one you will be liable to CGT unless of course you are a MP.