RMSCOTT7 Posted October 21, 2012 Share Posted October 21, 2012 My family emigrated to Sydney at the end of April 2012. We sold our residential property before we left the uk but my wife and I still own a rental property, which we have held since 2003 (it was solely in my own name until the start of this year). Can anyone advice where the capital gains will be liable if we sold it in the next few months? If we were still uk resident there would be a capital gain due in the uk if it was sold at the current market rate. My wife and I would be able to use our capital gains allowances and capital expenditure/ b/f losses to offset the majority of any such gain but do not know if anything will be liable in oz. We have been resident in the uk for part of the current fiscal year but are now permanent resident in oz. If we hold on to the property for a few more years before selling do we lose uk capital gains allowances? If so how is the cost value of the property calculated for gains purposes in oz and how do tax treaties between the two countries affect the tax liability? Any advice will be greatly appreciated. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 25, 2012 Share Posted October 25, 2012 Welcome to the forum, there are a few who may be able to advise on here, Alan Collet or Andrew Williams would be your best bet. Quote Link to comment Share on other sites More sharing options...
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