Tax implications of owning two homes?

**LKC** · 01-04-2009, 06:54 AM

Does anyone know if there are any tax implications of owning two homes? We have our UK home on the market (so we have no income from that, only expenditure there - mortgage which is covered by savings that we have left un the UK), but have been looking at buying a house here to live in. Basically we are looking for a renovation project, and if we see something we like, may go for it. But I wondered, if we did that, would we be stung for tax on the sale of our UK house?

**proud2beaussie** · 01-04-2009, 07:03 AM

Hi LKC,
Check out this page of the A.T.O website:
Investing overseas - overview

**LKC** · 01-04-2009, 07:20 AM

Thanks for that!

The info suggests that if we have made a capital gain on the disposal of an overseas asset (such as a house) that we would be liable for capital gains tax. However, we stand to make something in the region of a 50-80K loss on it so I presume that there would be nothing to pay.

**proud2beaussie** · 01-04-2009, 07:28 AM

I would deffo consult a financial adviser just to be sure,usualy your bank would be a good starting point.

**LKC** · 01-04-2009, 07:55 AM

Yes, have just given myself a headache trying to understand it all! Hubby has to find a tax accountant anyway, so I guess we'll lump all of these questions together.

**Alan Collett** · 08-04-2009, 12:16 AM

Originally Posted by LKC

Yes, have just given myself a headache trying to understand it all! Hubby has to find a tax accountant anyway, so I guess we'll lump all of these questions together.

Feel able to contact me if you would like assistance - and a proposal as to costs.

Best regards.