dunc
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Selling a property in the UK - where to start with capital gains?
dunc replied to dunc's topic in Money & Finance
Thanks for the info Ken, much appreciated. I used the following calculator - https://www.tax.service.gov.uk/calculate-your-capital-gains/non-resident/ I'll need to wait until after the settlement to put in the contract date but it sounds like there won't be much CGT to pay, not into four figures anyway. It came back with three tax figures at the end and the wording at the top let me know which of the post 2015 values was lower. However, the third "Gain over whole period of ownership method" was a fraction of the amount of the post 2015 values. I'm assuming I can just go with that one! I hadn't thought about how to claim the offset for the UK tax paid years from now. It sounds like there are some benefits to doing it sooner rather than later - I may have to give you a call come tax time -
I'm hoping someone can give me some general advice on capital gains in UK/Australia and also maybe recommend a tax agent that deals with both UK and Australia. I'm in the process of selling my house in the UK, an offer has been accepted. It was my home when I lived in the UK and it was rented for some short periods as well. - Bought the house in Jan 2006 - Lived in it until Jan 2014 then moved to Australia temporarily for work on a 457 visa - Over the next 4 years I rented it out on a couple of short term lets and used it when I was in the UK for holidays/work - Rented an apartment in Australia during the time I was there - Got PR in 2016 (not sure if this is relevant but mentioning just in case) - Moved back into my house in the UK in Jan 2018 - Moved back to Australia in Feb 2019 - House was empty until May 2019, then used it for a trip to UK - After that a friend was in it for a while/it was empty over COVID - Then bought a place in Perth in Jan 2021 (I think it becomes principal residence at this point?) - House in UK was empty in 2023 and on the market, offer accepted last month I'm just wondering where I start with any capital gains owed in the UK and what I have to do over here regarding the sale. Do I owe capital gains here as well? I read somewhere that it would be the period of when I owned both properties and not due until I sell the place in Australia. Not sure how accurate that is! Any help appreciated.
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Apologies for the delayed reply, I've just found the notification in my spam folder. Sounds like it depends who you speak at the DOT then. We'll see what she gets in the post and maybe follow up to have it changed if her maiden name is on it. It looks like you can change a DL with a marriage cert for $10 should it come to that.
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I'm just wondering if anyone is in a similar situation, my wife's maiden name is on her permanent resident visa and her passport. We spent some time in the UK and at that time she updated her UK DL to her married name. Now we're back in Perth and she applied for a WA license with her UK license and our marriage cert. Everything seemed to go fine but now she's had a recorded message from DOT stating that her maiden name will be used because that's the one on her visa. Is this normal, the DL name must match the visa? We previously looked at changing the visa name but were told we'd need to change her passport first which has several years left. If so I'm guessing she'll need to update her UK passport, then her visa and finally the license? She's just paid for a 5 year license... So everything in WA, bank, utilities, insurance etc is in her married name but the DL isn't which is probably going to cause issues with car insurance among other things!
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Yeah I think we'll probably just leave it, too risky otherwise. The DL has to be done within 3 months of becoming a permanent resident I believe, so it is already overdue. Thanks for the replies.
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I don't suppose there is any real urgency. We recently got PR so I guess she'll need it to get a drivers licence and it would be good to not have to do that twice. I'll check when her current one expires.
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Has anyone applied to have a name change done on a British passport recently (this year)? My wife hasn't had the chance to change her surname on her passport yet. We're going to be in the UK next month but have already got a return flight booked so it's not an option to get it done while we're there. She'll need to use her passport again in October so if we post the application the day we get back to Oz we'll have 7 weeks for it to get to the UK and the new one to arrive here. Just looking to gauge if this will leave enough time for us to get it sorted. If we wait until last minute to book the flights we'll likely have to pay double!!
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The way the document is worded it sounds like this is going through not being put forward for approval! Maybe that's the norm though.
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I agree, this would be an ideal scenario!
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Feel for you mate, we've just done the long frustrating wait for PR. Hopefully they'll have decreased the processing times when you come round to apply.
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So is it a given that it will get passed? If it doesn't get passed then nothing changes which is why it does matter.
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Maybe it doesn't matter to you but it matters to me! I would like to know either way if I am going to be able to apply for citizenship in 11 months or 3 years and 11 months.
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Does anyone know if there's a timescale for this legislation getting approved?
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Hi all, just a quick comment to say that our nomination and visa were approved on 21/03/2017 while we were on holiday. No documents requested for my visa. I detailed all the information requested for the nomination in the spreadsheet but it appears someone has deleted it.
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My colleague and I just met with our MA about our nomination. They still need some info about the company that they should get today from the MD. When they have everything it'll take a couple of weeks to compile and submit. Apparently the file for our company is quite complex. The 28 days are up on 06/03 and they expect us to have a decision a couple of weeks after that. They also advised that they would have expected me to receive any questions about my visa application at the same time and I haven't so that sounds promising at least. Another thing worth noting is that although there are 2 of us from the same company our nominations are being dealt with by different CO's. The MA said it's also likely that it'll be a different CO that deals with the information submitted. It all sounds a bit inefficient to me!
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I didn't use an MA for my visa application but the company advised using one for the nomination. I wish I'd just done it myself and saved the money because I had to arrange for most of the nomination information to be provided to the MA anyway. Some of the information we've been asked for was provided when we initially submitted the application. No word on my visa application yet, I assume they won't even look at that until the nomination is approved (or not as the case may be).
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No I haven't taken any unpaid leave. I don't understand why the MA didn't ask for all this info at the start of last week!
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I emailed my MA earlier to confirm that they'd submitted the documents that were sent to them last week. Nope, it appears they have done nothing! It seems my email prompted them to ask for my tax assessment notices. My employer has also now been asked for further clarification on the info they sent previously plus my commencement date, details of my paid/unpaid leave and overseas trips for work/training.
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If you look on the July sheet some people that had documents requested had their visa approved shortly after. I would expect the CO to get an alert when information requested is uploaded. However given how clunky the system is I wouldn't be surprised if it was a manual process!
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My payment summaries for the last 3 years, some company accounts information which included P&L. Sorry I can't be more specific, I didn't see the email.
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In the spreadsheet 24 out of 38 July applications have been approved so far. My company got asked for documents to support my nomination on 06/02 so I'm hoping we'll hear in the next month or so.
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A co-worker just found out she got her visa approved, applied 24/07/2016, 1 person, LR, transition from 457, approved 04/02/2017
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18 of us in the spread sheet!!
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Assuming you are transitioning from your 457 to a 186 visa so long as you come back within 5 years your visa is valid. http://www.border.gov.au/Trav/Visa-1/186- This is a permanent residence visa. It lets you and any member of your family unit who has also been granted this visa: stay in Australia indefinitely work and study in Australia enrol in Medicare, Australia's scheme for health-related care and expenses apply for Australian citizenship (if you are eligible) sponsor eligible relatives for permanent residence travel to and from Australia for five years from the date the visa is granted (after that time, you will need a resident return visa or another visa to return to Australia).
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Thanks, that's a relief!
