lisalooby1971

Hello again We went to the taxman and all was ok. It is worked out on the market value of the house when you leave the uk not what you paid for it. As the house prices are slightly less now than what we would have got for it in 2008 plus the difference in exchange rate we actually made a huge loss. We asked the estate agent who sold our house recently and he sent through a list of sales in the area and confirmed that this was the case. The taxman just said that if we ever got audited we would have to get proof of the market value at the time by getting a surveyor to state this but the chances of getting audited is highly unlikely. Had we had made a gain, I think the CGT would have been 11% of half the profit we made between renting out and selling.

Yes always included our rental in the tax return, we have never made a profit from it. We would have made a gain in capital if it was based on the price we purchased the property back in 2002, so hopefully it is the market value in 2008 it will be based on

Thanks for your replies. Glad to hear it is the value of the property when we left as this was the same as when we sold this year, due to the recession between 2008 and 2015. We would have actually been better off if we had sold at the time because the exchange rate was also 2.3 to a pound rather than the 1.94 it was when we sold. Hoping this will mean we will have no CGT to pay after the deduction of other losses also. It is a worry though as you always think they will get your money some how.

Hi there We have just sold our UK property 6.5 years after leaving the UK of which it was rented out for that time. This property has always been our main residence as we have only rented in Australia. Does anyone have any idea if we will pay capital gains tax on the whole 6.5 years or just the six months we have gone over, and also is the tax based on the original purchase price or the market value of the property from the time it was rented out until we sold. We are going to see an accountant, but if anyone has any ideas or has done this any advice would be greatly received. Thanks. Lisa