Foreign domicile question

I hope somebody here can give me some pointers on this...
I am UK resident but non-domiciled.
In the tax years up to and including 2007-08 I claimed the remittance
basis of taxation of offshore assets. From 2008-09 on I am opting for
the arising basis.
In 2007 I sold a house in S America for about £90k, of which about
£60k was a capital gain. I did not remit any of the funds from the
house sale at the time so no UK CGT was paid. A small amount of South
American CGT was paid.
In the 2009-10 tax year I will be remitting £30k of the funds from
the sale, of which £20k will be capital gains.
My question is how do I work out my tax liability? As I understand
Since the gain arose in a remittance year (2007-08) I will be liable
for tax on the remittance basis.
I will therefore have £20k of capital gains to declare on my 2009-10
tax return (Foreign pages).
I can offset my CGT allowance against this ? presumably my 2009-10
CGT allowance not my 2007-08 allowance? (I have not used either for
anything else.)
I can also offset the CGT paid in South America.
I would then be liable for 18% CGT on the remainder of the gain.
Is that correct? Or have I misunderstood?
Many thanks for any replies.
Reply to
Loading thread data ...
Sorry not to answer your question, but are you also aware of the much less favourable treatment that you get (as a non-dom) with regard to inheritence tax should your wife die owning assets in the UK? .You don't get the usual spouse exemtion from IHT.
Reply to

Site Timeline Threads

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.