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Post by Oliver Wright on Mar 5, 2005 12:26:17 GMT 1
One option you might like to consider is to turn your property investment into a pension fund. I think this gets around capital gains tax in the UK.
Oliver
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Post by Oliver Wright on Mar 5, 2005 16:46:15 GMT 1
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Post by Peter Ellis on Mar 6, 2005 0:45:56 GMT 1
My understanding, with more experience than when the thread was raised last year, is that if you pay CGT here, the double taxation treaty means you don't have to pay it in the UK as well. However, if you take advantage of the 3 year rule here, avoiding CGT here, you could still have a liability back in the UK if you tell the tax man.
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Post by Peter Ellis on Mar 6, 2005 0:48:14 GMT 1
So far as a personal pension fund goes, I've an idea that whilst the UK tax authorities are now allowing residential property to go in to them, foreign property isn't allowed until some time next year.
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Post by oliverwright on Mar 11, 2005 10:07:07 GMT 1
Thanks You might be interested in this reply that I got from the Inland Revenue in England: ---------------- UK Capital Gains Tax is, in general terms, chargeable for periods when an individual is resident or ordinarily resident in the UK for tax purposes. Where an individual is so resident or ordinarily resident then Capital Gains Tax applies to disposals of all assets wherever situated. Consequently any gains on a disposal of a property in Croatia accruing at a time when you are resident in the UK would be chargeable to Capital Gains Tax. Though if you are UK resident but not UK domiciled you will only have pay tax on the gain if you bring the proceeds to the UK. You can find out details about the rates of CGT on our website. The following link may be helpful www.inlandrevenue.gov.uk/rates/cgt.htmMark Abani Policy Advisor Capital Gains Tax Policy Group, London * 020 7147 2765 * Mark.Abani@ir.gsi.gov.uk
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