Hi everyone,
I’m wondering if anyone is able to assist me with a question regarding capital gains tax liabilities in UK and Australia. We have been planning our move back to Sydney at start of Sept 2023 for some time now - all was going well with house sale & pet transfer all aligning, however after a couple of months our buyer pulled out of our house sale. We have thankfully found another buyer for our house however I ( with my children) will now need to move to Sydney before the house sale has gone through. My husband will wait in the uk until contracts have been exchanged. I’m just worried about the cgt on our house sale in the UK. I am an Australian citizen with an Australian passport and my husband has a permanent resident visa. I’m continuing my UK job role (from Australia) until the end of the year but I believe I will be considered an Australian tax resident as soon as I arrive in Australia?
my question is, will I/we be liable for cgt in either Australia or the UK on the sale of our UK home? We have lived in it continuously since 2015 when we bought it, and in Australia will be staying with family until we secure a rental.
Any advice or similar experiences would be greatly appreciated. I do plan on getting advice from a tax expert but just hoping someone will be able to put my mind at rest for now.
Many thanks!