Great video and no one has addressed the very 1st part on HMRC for Private Residence Relief if you own your home bought and live a property added value too it so for example 1 bed into 2 price has now gone up 70k but you live in there all the time your a higher rate tax payer how would you pay capital gains on the 70k?
Is CGT re-basing still applicable? I am a UK citizen but have been non-Uk resident for over 30 years. I had understood that CGT was rebased in 2015 with the effect that gains on UK properties bought prior to 2015 and sold after that could be prorated (as one option) in proportion to the number of years held post 2015, no?
If I inherit a house on 1st June 2021 but I do not gain legal ability to sell house until 1st June 2023- due to the time raken for the legal process of inheritannce to complete with courts-can I presume that property is CGT liable on gains made from 1st June 2023 and not 1st June 2921?
This looks like a very complex situation you have. There is no simple answer here and you will need to take up some professional advice from your solicitor.
Very useful, thank you. It would be useful to distinguish between, reporting the sale of a property and actually paying the CGT bill. Is it 60 days for reporting? Do we need to wait for HMRC to tell us where and how to pay? This video would be most useful if it actually broke down the mechanisms of what needs to be done when and how.
Great video and no one has addressed the very 1st part on HMRC for Private Residence Relief if you own your home bought and live a property added value too it so for example 1 bed into 2 price has now gone up 70k but you live in there all the time your a higher rate tax payer how would you pay capital gains on the 70k?
The video is for buy to let. You don’t pay CGT on a home you have always lived in 👍
Is CGT re-basing still applicable? I am a UK citizen but have been non-Uk resident for over 30 years. I had understood that CGT was rebased in 2015 with the effect that gains on UK properties bought prior to 2015 and sold after that could be prorated (as one option) in proportion to the number of years held post 2015, no?
That is correct 👍
@@UK-Property-Tax-Accountants thanks v m
If I inherit a house on 1st June 2021 but I do not gain legal ability to sell house until 1st June 2023- due to the time raken for the legal process of inheritannce to complete with courts-can I presume that property is CGT liable on gains made from 1st June 2023 and not 1st June 2921?
This looks like a very complex situation you have. There is no simple answer here and you will need to take up some professional advice from your solicitor.
Very useful, thank you. It would be useful to distinguish between, reporting the sale of a property and actually paying the CGT bill. Is it 60 days for reporting? Do we need to wait for HMRC to tell us where and how to pay? This video would be most useful if it actually broke down the mechanisms of what needs to be done when and how.
Here is a video on that very point ua-cam.com/video/sroR7BCLRr4/v-deo.htmlsi=klrVSrv3IEBI1gVL
@@UK-Property-Tax-Accountants Thank you!
@@0runny You are very welcome