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USA owner of UK Property-

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  #1  
Old 06-04-2007, 02:16 PM
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Default USA owner of UK Property-

I am an British emigrant to the US now a naturalized US citizen. I have owned a home in Great Britain where my mother has lived. Does anyone know when I sell what the UK tax position will be. Do I have to pay capital gains tax and at what rate?
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Old 20-05-2007, 04:48 AM
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Quote:
Originally Posted by ecunliffe
I am an British emigrant to the US now a naturalized US citizen. I have owned a home in Great Britain where my mother has lived. Does anyone know when I sell what the UK tax position will be. Do I have to pay capital gains tax and at what rate?

From my limited knowledge, I believe that there is an agreement between the UK and US governments that assets have to be declared. Therefore when residing in US, you would have to declare the proceeds of the sale in your tax returns.

I would suggest contacting an accountant in the US who can give you the correct details.
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Old 26-05-2007, 09:31 AM
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By controlling your remittance of the funds to the UK, you could minimise your UK tax liability. For example, if the sale proceeds were £100,000 and the gain £15,000, if you were to remit £20,000 in a tax year, the attributable gain would be just £3,000.
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Old 31-05-2007, 10:28 AM
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does anybody know about fsbo sites in UK? Something like fsbosellbuy.com , I want to sell a home fsbo in UK and buy in usa
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