In this week’s Q&A, Croner-i tax advisor Julian Payne, explains exit charges when disposing of property and tax liability for taxpayers leaving the UK on a permanent basis
I have a client of several years who came to the UK from South Africa. He has several investment properties in the UK. He is planning to move to the US soon and has come to discuss his reporting requirements going because he intends to keep only some of the UK rental properties and sell the others in order to release funds to set up his new life in the US. During the discussion, the client mentions that when he left South Africa, he was taxed on gains that were calculated as if he had disposed of his assets at that time for market value and immediately reacquired them. Will that reduce his tax bill now?
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