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Thanks again. No it wasn't always my intention to sell the house. I only really decided to come back to Australia in the last year. So it looks as if I wont have to declare any gain in UK. Thank you. -
Thanks, I'll investigate this. Mark.
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If the property was still your main home between the grant of probate at the end of 2020 and the exchange of contracts in March 2022 then principal private residence relief should eliminate any gain arising in that period. I didn't make that clear in my OP. The only potential issue is that if it was always your intention to sell the property once probate had been granted, HMRC could argue that the property was held as trading stock and any profit realised on its its sale should be regarded as trading income subject to income tax (as opposed to being a capital asset subject to CGT). This is a very long bow and it would have to be a pretty grumpy inspector who took the point. Assuming it was a CGT asset, the fact you lived in the property between 2015 and 2020 is irrelevant because you did not own the property during that period. -
By MARYROSE02 · Posted
I think you may still need to open a CGT account on line via the HMRC website and report the sale regardless of whether you are liable for UK tax or not. You may have to file a UK tax return too. I have a online account for self assessment with HMRC because I have UK income from pensions and until recently rent on my UK home. Since I've sold my UK home I've opened a CGT account but I've not completed it yet. You can phone HMRC on 001144 135 535 9022 for CGT enquiries. Possibly 001144 161 931 9070 for self assessment enquiries. I have a copy of my Govt Gateway letter from 2011 with various phone numbers and other information scribbled on it Google "HMRC capital gains tax account" and "self assessment" and you'll probably find your way there. I've only just created my own CGT account. You need various forms of ID to do it, ditto the Self Assessment account. I have an idea of how much CGT I will pay based on the difference between 2015 value of my house or similar and today. I need to do the self assessment for 21 / 22 too then probably have some tax to pay the ATO too when I do that return. I've not lived in the UK since 2008.
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