Hi,
As a newcomer to this Site, I am hoping someone can furnish me any information as regards the above. My circumstances are as follows:
I have recently become a joint inheritor, with my brother, of my late Father’s house, which is in the UK. There is no inheritance tax to pay, but there will most likely be capital gains tax due, when we eventually sell.
My brother is a UK resident and I am a UK citizen, residing in Spain. I have two pensions, one being the State Retirement Pension, which is exempt from UK tax, and the other is a Government Pension, the tax on which has to be paid at source in UK.
My questions are:
Which country will I owe the Capital Gains Tax to - Spain or UK?
and
Because I still retain a Personal Allowances figure in UK, before any tax is taken, will my personal allowances be offset against capital gains tax, if I have to pay same to the UK?
Thanks