I own a property in France which I want to sell.  My husband and I own the property we live in in the UK.  I want to know what the tax implications will be when I sell the French property and bring the money into the UK - I assume I will be liable for CGT.  Can you tell me if what if any other taxes I will have to pay and how you go about notifying the IRS?  Also what deductions you can claim against CGT and how the taxable amount is calculated?

Assuming that you are UK resident and domiciled, you are liable to UK capital gains tax (CGT) on the sale of the French property in the same way as if it were in the UK. I.e. the gain is calculated as the sale proceeds less (initial purchase costs + allowable capital expenditure + allowable incidental costs on purchase and sale). Let’s assume that the UK CGT comes to £X. Presumably you will have to pay some French CGT on the sale, let’s say that this amount in Euros is £Y. Due to the Double Tax Agreement between the UK and France, you are allowed to reduce the £X tax bill by £Y (but Y cannot be more than X, i.e. this reduction cannot produce a loss) and pay the difference of only £(X-Y) to HMRC.