capital gains tax changes

[cleofatra]

Does anyone know anything much about the new capital gains tax ruling which means that if you move OS, your residence in Uk will be subject to CGT after april 2015?

Some info here. I hadn't realise there was an exemption from CGT for overseas residents who sell a property in the UK that isn't their principal private residence. It looks as if the CGT will only be liable for gains on the property's value after 2015, which is still a good deal compared to the amount of CGT residents pay.

Btw, you can get clobbered for tax the other way as well. I sold a property in the UK which was my principal private residence whilst tax resident in Sweden - no relief there for PPR so I got whacked for it at 60%. Fortunately the gain was extremely modest.

I think it is now a huge whack on properties even if your principal residence in Uk if you live abroad though.
How did you manage to get taxed in Sweden for that sale??? nasty

I guess it can't really be your principal residence if you're not tax resident in the UK? And it's only on the gain from 2015 so it's a fairly reasonable implementation - plenty of time to sell it if you don't want to pay CGT.

I was tax resident in Sweden at the time of the sale, and they have no concept of a tax exemption from CGT on your principal private residence. House prices in Sweden are a lot more static than here as a result - since everyone is getting taxed every time they move house. (Renting is a lot more common as well).