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Tax advice

I am a British citizen currently living in the US. I sold my property in the UK in December 2012 (I was renting out my uk property whilst I lived in the US, breaking even). I have been in the US since 2008 but had to leave every six months and reenter until I got my visa in 2011 during that time I did go back to England. I want to know am I eligible to pay taxes on the profit that I made from my house sale (120,000 pounds – gross profit) and if so what percentage? I am working in the US but on a very small salary. I am a single parent, my son aged 7, was also born in the UK, would this entitle me to tax cuts too? Any advice you can offer me would be greatly appreciated! Thanking you in advance.    

Comments (2)

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    admin

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    Dear Joy

    Apologies we got too busy with other things before getting back to you.

    Since you sold the property after you left UK for US then the basic rules is that you are now non resident. However should you come back to UK to settle within 5 tax years after the date of sale, you will be taxed on the gain (subject to any tax deducted in US if you pay some taxes there. Let me know if this clarifies your point.

    Regards

    Reply

  • Avatar

    ENAAM MOHAMAD

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    I AM A NON EMPLOYEE IN THE UK
    WHY DO I HAVE TO PAY TAX AS I CANT GET INTEREST GROSS ON MY BANK ACCOUNTS
    WHY DO I GET NET INTEREST

    Reply

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