paisleylass Posted January 29, 2015 Share Posted January 29, 2015 I'm using TaxCalc to do our UK tax returns, and have changed residence status to non-resident, claiming allowance on some other basis (UK citizen). Before I did this the summary showed allowance of £9,440. Now it's £0, which I wasn't expecting! Have I done something wrong? I though UK citizens get the allowance fir the time being, even if non resident and non domiciled! stupid thing is due to be submitted within two days Quote Link to comment Share on other sites More sharing options...
paisleylass Posted January 29, 2015 Author Share Posted January 29, 2015 Panic over, we can claim it, it's just not automatically calculated for non residents. Not an issue this year as we have yet another net loss, however when we finally dispose of the house it would be needed to offset CGT! Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted January 29, 2015 Share Posted January 29, 2015 UK taxpayers have a different CGT allowance alongside the personal allowance (PA) so your PA will not be deductible against any Capital Gain. I don't know if non residents qualify for the tax free disposal element. In fact this has got me thinking as I have some shares and will need to see whether I should dispose of them before going or not. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted January 29, 2015 Share Posted January 29, 2015 As a non resident you are not subject to UK CGT (though I understand this is under review). However you may need to declare the gain to the ATO and pay Tax on the gain in Australia. Worth looking into the implications and methods of calculating the gain so that you are fully prepared for it when you do sell. If you are renting in Australia the UK house is the only one you own so may possibly be exempt. Sorry for drifting off the original question. Quote Link to comment Share on other sites More sharing options...
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