Capital Gains Tax on property when you live overseas

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Hi
Can anyone give some advice regarding CGT. I've looked on the Inland Revenue site, but I am not entirely clear.
I bought my flat in 2000, lived in it for 3 years. Moved overseas and rented it out for the rest of the time. I have declared rental income for the entire time. I do not own another residence.

Would I owe CGT, if so, at what rate would it be calculated.

Thanks in advance.

Cgt is only due when you sell.

Thanks, I realise I forgot to say in my OP that we are looking at selling.

How to Calculate CG Gains and Losses on Property The rate is 18% rising to 28% for higher rate tax payers. The annual exempt amount is £10,100 and you're liable for CGT on the profit. However there are various tax reliefs and allowances applicable and, if you think the property qualifies, it could be well worth talking to a professional tax accountant.

Are you going to return to the UK?

I'm assuming you are not-resident and not-ordinarily resident in the UK ie you do not visit the UK for more than 91 days (average over 4 years) per year (or 183 days in any one year?)
If you are classed as not resident and not ordinarily then you will not be due to pay CGT if you sell an asset as long as you are out of the UK for more than 5 tax years.
An individual that leaves the UK must be resident and ordinarily resident outside the UK for at least 5 tax years for disposals of assets acquired before leaving to be free of CGT.
Residence changes the game considerably.

If you are returning to the UK and it is your principle private residence and you take up residence again, then years working abroad are exempt in CGT.

If you are still a resident then it's business as usual as far as CGT is concerned but with the usual exemptions for PPR (one that's often forgotten is rental exemption of £40K per owner - with some caveats).

If you need more details confirm your situation and I'm sure we can shed a bit more light.

HTH

Thank you.

I have not been a resident in the UK since 2003 and don't have any plans to return at any point soon (other than for holidays).

I wonder if I will be liable for CGT in the US (we have only lived here for a year)? Perhaps I should post on the US thread as well.

Yes you could well be liable. In the UK we have a complicated system of remittance charges for non-dom's. If the situation were reversed you would get caught by a £30,000 fee and loss of personal allowances or pay the tax on worldwide earnings. I can't tell you anything about the US

To be honest I should have said check with your country of residence as not many places give up the chance to tax!

I see. So it I may not be liable for UK tax but most likely be liable for US tax.

Well as I say I'm not qualified nor familiar with US regulation so I'm assuming, but unless you are in a tax haven I'd definitely check what your local liability may be. You know what they say about life's certainties...