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
it:
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
nobody
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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.
Robert
Reply to
RobertL

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