millers Posted June 3, 2015 Share Posted June 3, 2015 Hi I'm currently selling my old residential home in the uk. I would be looking to bring the money over to an Australian bank account. What is the position around capital gains tax both in the uk and Australia. I bought the property with my wife in 2003 for £182k and have spent approx. £60k on improvements. It will sell for £300k. It has been rented since we moved over in Feb 2012. Will I have any liability in either country? Thanks Quote Link to comment Share on other sites More sharing options...
BacktoDemocracy Posted June 10, 2015 Share Posted June 10, 2015 HiI'm currently selling my old residential home in the uk. I would be looking to bring the money over to an Australian bank account. What is the position around capital gains tax both in the uk and Australia. I bought the property with my wife in 2003 for £182k and have spent approx. £60k on improvements. It will sell for £300k. It has been rented since we moved over in Feb 2012. Will I have any liability in either country? Thanks So far as i know you will be liable for CGT in the uk as the disposal is there but I'm unsure about tax in oz as it may be treated as income unless its within the grace period for bringing assetts to oz when you migrate Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted June 10, 2015 Share Posted June 10, 2015 For the UK position I recommend this link https://www.gov.uk/tax-sell-property/work-out-your-gain. Someone else might help with the Australian calculation. Quote Link to comment Share on other sites More sharing options...
Teejams Posted July 21, 2015 Share Posted July 21, 2015 Thanks Gbye grey sky, for the gov.uk link Having looked at the site, I'm not sure I completely understand though. Can anyone recommended someone who can give specific personal advise regarding CGT, property and future planning? Thank you Quote Link to comment Share on other sites More sharing options...
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