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The UK and Portuguese tax implications of a large gain on UK property.
Our client is likely to realise a substantial capital gain on a UK property. He has always been UK resident but is acquiring a property in Portugal where he intends to spend most of his time. We can advise on the criteria he will need to meet to satisfy the statutory residence test.
Assuming the client manages to be non-UK resident for five tax years does anyone foresee any problems on the UK capital gains tax front?
We also need to consider whether he is likely to be subject to Portuguese capital gains tax on the UK disposal. My reading is that as a resident of Portugal he would be liable to such tax only on assets situated in that country. Is it as straightforward as that?
Query 18 695 – Algarve Man.
Reply by ANA
An individual is considered to be a resident...
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