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Found 14 results

  1. Hello folks Please can you help us as we are possibly planning on selling our rental property to fund a new home in Oz and as its not our main domicile I think we may be hammered by the dreaded tax man? Does anyone know the exact figure on this? Or would it be better to hang on to the place and keep renting out for a few years.......? I hate decisions.......arrgghhhhhh Sometimes I think we should just sell the lot and go for it...... Many thanks Nom n Nat
  2. I am selling a property in the UK which used to be my home, but have been renting since being resident in Australia from January 2007. I've been advised by Australian accountants that because the property was my home, I wouldn't be subject to CGT tax in either country, however I also read elsewhere that to be exempt from UK CGT you need to be non-resident for 5 full tax years - but does this apply to properties that we lived in? Has anyone had any experience of this? Maybe I should just contact a UK tax advisor?
  3. Guest

    Capital gains tax

    Hi All, I've been doing a bit of research into capital gains tax on a house purchase over here. I bought a place off the plan in November 2009. I then settled on the place in May 2011. I was wondering if capital gains tax would be calculated based on the purchase or settlement date? If anybody can clear this up for me I would really appreciate it. Thanks :biggrin:
  4. lyndalelodge

    UK Capital Gains Taxable in Oz

    I wonder if anyone can help with a fairly technical tax query: I'm likely to be leaving the UK before 6th April 2011 and possibly arriving in Australia sometime in June after touring around Europe, etc. After leaving the UK, I may decide to sell some assets and realise some capital gains and will do this before arriving in Australia. Assuming I remain non-resident in the UK for the next 5 years, then broadly speaking these gains will be non-taxable in the UK. However, if I arrive in Oz before 30th June 2011, I believe I will resident for tax purposes for 10/11 and as such, I wonder if my capital gains will then become taxable in Oz, which wouldn't be particularly clever!!:confused: Any comments and advice would be much appreciated.
  5. Hi, Now Im sure this subject has been done a few times but Im confused!!!! We will be renting home out probably so we can get going to Perth. My question is....when we do sell our home in the UK will we have to pay capital gains tax on it as we are no longer resident in it? And if so how much do you pay? Thanks very much for any help on this. Rache
  6. Guest

    Capital gains tax

    Hi Guys Well we finally got here!!! We arrived last thursday after completing the house sale the day before we flew! Can anyone tell me were I stand re transfering the house sale money, and will I be subject to CGT? thanks Ness
  7. Just arrived. We probably won't sell ur UK house for a few years. Capital gains on your primary residence in UK is easy to avoid (even if you let), but the Australian Tax man probably sees our capital gains in UK as fair game (fair enough really). As we bought in 1990 the paper capital gains are huge (but everything else has gone up just as much, including here in Oz), and it would a disaster to have to pay a large slice of it in tax. Any idea about the rules of the Aussie tax on capital gains on a residence abroad? Any idea how they are applied - can we still nominate our UK house as our primary residence and if so for how long? When I know the basics I will probably pay for tax advice (very cheap at the price, potentially) but I find that it is useful to get your head around a problem before the experts bamboozle you with detail and try to sell you a complicated scheme to solve a problem that you could do for free yourself. Cheers, and thanks, radbt
  8. Hi All I have read on a few threads about capital gains and am in need of some clarification. I will be going to Australia on a 457 and will be letting my house for 6 months until the spring and hopefully a better market then putting it back up for sale. as i understand on a 457 visa i will not have to pay tax on any income from the rental or the house sale if i do sell it. however my 176 visa hopefully is not that far away and this is where the clarification is needed. As i understand the income from my rental will be taxable from the date i activate my 176 visa and also i should get a base valuation of my house for capital gains reasons and if the house sells for more i pay tax on the profit, if it sells for less i can offset this from my income tax. thanks Martin
  9. Guest

    capital gains tax

    Hi can any1 help me I am hoping to move to australia mid next year. I currently own a house in Ireland and plan to keep it rented for the mean time just in case I ever decide to move back home. does any1 know if I sell the house while im living in australia will I have to pay capital gains tax. is any1 eles in the same boat I am going on the 175 skilled visa thanks julie
  10. Hi All, Can someone clarify if an UK estate agents valuation is sufficient for the ATO to calculate the cost base. Raj
  11. Hi all, I am hoping some of you who have already escaped from UK can help me. I am trying to find out how Capital Gains Tax works and how much we may have to pay when we sell our house here in UK. May we not have to pay CGT if we are to buy another house even if it is in Australia? Thanks Monica
  12. After regaining some of its losses in November, the downward trend of the Pound against the Australian Dollar of the past few months continued as it slipped by almost 10 cents throughout December, finishing the year at around the 2.25 levels. Weaker data from the UK and continued nervousness from the credit crunch prompted the Bank of England to cut their rates to 5.5%, with increasing speculation that there could be further cuts in the early part of 2008. The housing market fell for the second month in a row and, with mortgage approvals also dropping, Sterling lost ground on all the major currencies hitting an all time low against the Euro. In Australia the RBA, as expected, kept their rates at a lofty 6.75% and many analysts are predicting that inflationary pressures and a tight labour market will most probably force rates even higher throughout the course of the year. Gold prices are also at an all time high, and with the US Dollar still weak, Australia remains an attractive investment for those with renewed risk appetite. Looking at it from a yearly perspective, 2007 was an extremely volatile year for £ vs the $AUD. From January to August the rate dropped from 2.50 to around the 2.30 mark, as investors took advantage of the high yielding Aussie Dollar. The money markets then went into turmoil, the root cause of which was the US Sub Prime crisis and burst of the US housing bubble, leading to instability and panic in the equity markets. Risk aversion set in and investors were forced to realise their profits and sell back their dollars, thus pushing the exchange rate up to 2.56. Since the Northern Rock storm blew up, Sterling has been tarred with a similar brush and the severity of the situation led to a sharp downturn in the housing market and a sharp reversal of economic growth forecasts. Coupled with increased risk appetite among investors as the market began to settle, the rates traced all the way down to 2.21, a 35 cent move in just 10 weeks! It is worth noting that this dramatic move was out of the ordinary, but you cannot hide the fact that the Australian Dollar progressively strengthened against the pound throughout the course of 2007. Previous articles have made reference to the difficulty in predicting these moves, especially in light of current market conditions, and also highlighted the options available to protect oneself against the risks of a volatile market. One such option is a forward contract, or ‘buy now pay later’ method, whereby you can lock into a rate of exchange with just a 10% deposit, for delivery up to 2 years in the future. If you had locked in at the beginning of January 07, you would have achieved around the 2.50 mark. In ’08 that figure would have been about 2.27, a massive 23 cent difference, or $56,000 on £200,000! Put into perspective, that is your new house furnishings or even a very nice new car! However for some people this may not be an option as they do not have the money available to them. The UK housing market is currently experiencing a slow down, with houses taking longer to sell, so many people will leave the majority of their funds in the UK. HiFX have an office in Sydney, which is fully ASIC regulated, and an account can be set up with them before you leave the UK, making the transition as smooth as possible. For those of you who are leaving for Australia over the coming months, forward planning has never been more important. Best of luck, Richard, HiFX
  13. Don't know if anyone could advise on this but here goes!!!! Once I am resident in oz, am I still subject to capital gains tax in the U.K.?? We have 2 rental properties, both with a mortgage, and a piece of land.Our accountant is pretty much useless and first chance we get he's going!!:arghh: We dont't need to sell before we go, but dont like the idea of giving the damn taxman any more than we have to.
  14. I bought my life insurance some years back. Most people are aware that this is cheaper when you are young because you are less likely to die. Now we are moving to Australia, will I need to buy new life insurance over there? My current provider says as long as the premiums are drawn on a UK bank account that's OK, but in the case of an untimely death and payout, will the payout be subject to Australian capital gains tax? Obviously that would defeat the object of having it! Does anyone know? Thanks, Spock.