If so, did you know that new Capital Gains Tax legislation was introduced on 6th April 2015 which will affect you should you choose to sell your UK property?
Before April 2015 all British landlords living in the UK had to pay capital gains tax on investment properties at a tax rate of 28%. Those living abroad were able to sell their properties without paying any tax. However from 6th APril 2015 a new Capital Gains Tax legislation was introduced.
The new legislation affects all non-UK residents who own properties in the UK, and will have important implications on the amount of Capital Gains Tax you will have to pay when you sell.
All non-UK resident landlords should get their properties valued now to avoid paying unnecessary tax.
You should get your property valued now, then if you sell the property you will only pay the Capital Gains Tax on the increased value of your property from 6th April 2015. There is a possibility that if you do not get a valuation now, then an alternative could be to apportion the total gain over the whole period of ownership, resulting in a hefty tax bill.
For more information and to see how this new legislation could affect you, please see www.gov.uk