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Capital gains tax implications for a UK resident who is selling a property in Iraq.
A new client has visited me to discuss the capital gains tax implications of selling a property in Iraq. The property was inherited when the client’s parents died in 2004. The client has lived in the UK for more than 26 years and considers herself to be UK domiciled. At the time of the inheritance no paperwork was produced so she does not know the base cost of the property.
The property was recently sold for about $200 000 and I have advised the client we will need to establish a base cost relating back to the date of inheritance. The client does not know how she could establish such a valuation.
Do any readers have any experience of Iraqi property sales and how we could take a reasonable approach to establishing the base cost?
I look forward to replies.
Query 19 141 – Adviser.
Reply...
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