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Is offshore sale taxable in Great Britain?
I recently bought and sold land in India, all within the same tax year, is the money taxable when it comes to Great Britain? I have paid all the right taxes etc in India at time of sale already.
1 Answer
- 1 decade agoFavorite Answer
If you are British domiciled, you will be liable for capital gains tax in the UK on your world wide capital gains. If you have already paid tax in India, you will only be liable for the difference between this and the British rate (if any) as there is a double taxation treaty in effect.
If you are a non-dom, keep the profit offshore for 12 months and you can bring it in as capital which will not then be taxable.
