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Whether capital gains tax is payable on sale of foreign properties by dual national.
In the early 1970s before I became a British citizen I owned some property in the Middle East. The property was bought for me in my name when I was a teenager.
In 2017 after obtaining British citizenship and having dual nationality (having lived in the UK for more than 20 years) I decided to sell the property.
I realise that any properties sold abroad are subject to UK capital gains tax for British citizens. But what is the position if offshore property was purchased before a person becomes a British citizen but is sold after British citizenship and a dual nationality is granted? Further will my dual nationality have any bearing on any liability?
I look forward to hearing from Taxation readers on whether capital gains tax is still payable on the sale of this offshore property.
Query 19 120– Dual Citizen.
