UK Property sale - taxdue?

A

acannydoitji

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I have a house in London from when I lived there in the 80's. It was my residence for 5-6 years. It has been rented out for 12 years & I'm thinking of selling now. Can anybody tell me how best to minimise CGT and any other taxes that might be due. I've been living back in Ireland since '92.
 
to the best of my knowledge, no CGT is due unless the property was used in business or as part of a business. The rules for non resident UK CGT changed. Thus individuals who left before 17 March 1998 are not subject to UK CGT but you will bemsubject to Irish CGT on a disposal of a world wide asset
 
Hi gongey

You did indeed. However, I did not notice it first time around and then decided to leave my post intact in case acanny was accidentally misled by the first sentence of your post.
 
Thanks again Gongey, my feeling is I will owe UK CGT - left UK in '92. I'm hoping I can write off a fair amount against loses on net rental. Again one to seek further advice on.
 
are you from the UK? if not then you definitely won't be paying UK CGT as you left before the date specified in my earlier mail.

why do you think you will be paying UK CGT?
 
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