Different rules apply to non-domiciles who want to sell or rent out a London, or any other UK property. You might be exempt from certain taxes, depending on your situation. You might have to pay tax on the gains from the sale of your property to your country of residence. A non-domicile tax valuation is the only way to find out which apply to you, how much you have to pay and how to legally sell or dispose of your London property.
If you live overseas and you want to sell your London property, you need a proper market valuation. You also have to pay tax on the gains from the sale, and you might need a rental income assessment if you’re planning to lease your property. Our panel of RICS registered valuers can give you an accurate property valuation, tell you what tax obligations you have and help you avoid disputes that could be horrendously costly.
Non-resident tax valuations mean that you are able to do the following:
Non-domiciles from the UK historically didn’t have to worry about tax legislation when renting or selling a London property, but as of the budget announcement in April 2015 this has all changed. Nowadays, you’ll likely have to pay tax relating to any income that makes its way through the UK, such as for example if you shift foreign income in to a UK bank account.
As regards capital gains tax, be prepared to receive a bill if you’ve made a profit, your taxable income adds up and you’ve taken previous use of the remittance basis. As all potential UK home owners should know, the country’s taxation laws can be wildly convoluted, yet our panel of RICS registered valuers can help you by delivering a sturdy report for your solicitors or legal advisers so you’re able to do what you do best – make educated business decisions.
