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Selling property in France and new UK rates of capital gains tax?

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  • Selling property in France and new UK rates of capital gains tax?


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Answer #1 | 10/09 2010 13:58
Yes, if you are UK resident for tax purposes and have never lived in this house as a primary residence, you will pay capital gains on the profit from the sale after your costs. Edit: you will pay British cgt, sorry that my posting was not clear. Your British cgt liability will be on the total increase in value rather than the local currency increase so it will have a different basis. In other words, it will use the rate of exchange you got when you bought the house to establish a sterling basis, then you will need to use the exchange rate for the improvements and the current exchange rate for the sale. From memory, I think that you have a currency profit in addition to whatever increase there was in the house value? There is a double taxation treaty so you will pay French tax first and then British tax on the difference between that and your British liability. Oh and one more thing; they never audit house sales so don't be too accurate with your numbers ;-)
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