familywright Posted January 3, 2014 Share Posted January 3, 2014 Hi. We are in a bit of a quandry. We have only been in Australia since April 2013 and have been renting our UK property out since May 2013. We havent made the absolute decision to stay in Australia just yet so, for all intents and purposes, this is still "our home" which we may return to. Since discovering that they may be a huge CGT on a sale of that house, (rental aside), should we decide to stay, we have been all in a panic. We feel that we are almost being forced into having to return to UK and/or even an early sale, which we are not quite ready for, to avoid a huge CGT on what is just our family home. (The rental part isnt even profitable, we are just doing it to avoid an empty house but we are aware of that year having to be figured in at some point.) Not sure where we stand with this change that is looming 2015. Can anyone make this clearer? Additional details: I am Australian and my husband is on a perm spouse visa. Link to comment Share on other sites More sharing options...
winter1 Posted January 8, 2014 Share Posted January 8, 2014 The UK Chancellor announced this in the Autumn Statement. The two proposals are 1 reducing the period of main residence exemption when moving to a new residence from 3 years to 18 months. 2 Making non residents liable for CGT from April 2015. These are proposals and are not enshrined in law as yet. They are likely to be passed but there may always be amendments. Professional advice is advisable but don't panic and read as much info as you can, the reality may not be as bad. I have always found the HMRC useful to talk to on their help lines. The phone number for HMRC non residents is "If you're calling from Australia telephone:+44 135 535 9022" These links may also be useful https://www.google.co.uk/search?q=18+month+cgt+main+residence+exemption&ie=utf-8&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&gws_rd=cr&ei=sIXMUue1OIWUhQeT5IGICQ https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CC8QFjAA&url=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fuploads%2Fsystem%2Fuploads%2Fattachment_data%2Ffile%2F264601%2F13._Capital_gains_tax_private_residence_relief_final_period_relief.pdf&ei=sYXMUoKDBpKjhgfeu4HgAw&usg=AFQjCNEBF8L8DUgemAE52yZ9SrPECEwIFg&bvm=bv.58187178,d.ZG4&cad=rja Link to comment Share on other sites More sharing options...
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