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Offshore property tax

I have an offshore property that inherited and I want to sell it. Will I be taxed inheritance tax and how do I minimise such a tax??

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    You should only be worried about UK tax if you sell the property at a gain. The tax question at issue is capital gains not inheritance tax.

    By coming to live in UK 3 years ago you became UK tax residents and hence you will be taxed in UK on all your worldwide income and gains the tax year when they are received. However since you live in the UK but you have your permanent home in another country (not a UK domiciliary), you can choose to have your non-UK income and gains taxed in the UK only to the extent that they are brought into or enjoyed in the UK. These are called ‘remitted’ income and gains. Income and gains made abroad which are left abroad are called ‘unremitted’ income and gains. A ‘gain’ is when something which you own is sold for a profit and this doesn’t affect the capital. To do this you just need to let HMRC know.

    However by choosing remittance basis you will loose the following:

    • Your Personal Allowances
    • Your Capital Gains Tax annual exempt amount
    • May not claim double tax relief if you have already paid taxes overseas

    Hence its best to work your tax implications in both cases ie with or without remittance basis and see what best suits your situation.


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