Effect of Max’s two-and-a-half-year period overseas on his UK residence status and the capital gains tax (CGT) consequences on the sale of the warehouse Max will leave the UK on 1 November 2018. As Max was resident in the UK for one or more of the previous three tax years, and he will spend more than 91 days in the UK in the tax year 2018/19, then he will NOT satisfy any of the automatic overseas tests.
Max WILL satisfy the first automatic UK residence test in 2018/19 as he will spend 183 days or more in the UK in that tax year. In the tax years 2019/20 and 2020/21 Max will satisfy the first automatic overseas residence test as he is in the UK for 16 days or less in each tax year. In the tax year 2021/22 Max’s return to live permanently in the UK from 30 June 2021 means that he will not satisfy any of the automatic overseas residence tests, but will satisfy the UK residence test as he will spend 183 days or more in the UK in that tax year.
(1) Sale in June 2018 As Max is resident in the UK in June 2018, the disposal will give rise to a chargeable gain in 2018/19.
(2) Sale in June 2019 Disposals of assets made by non-UK resident individuals are not chargeable to CGT in the UK. However, Max will be regarded as a temporary non-resident, as his period of non-residence will be less than five years, and he has been UK resident for at least four of the seven tax years prior to the tax year of departure. Accordingly, any gains made in the period of non-residence in respect of assets held prior to Max’s departure, and disposed of while he is overseas, will become chargeable in 2021/22 (the tax year of his return).
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