Selling House in Uk and transferring the money

[millers]

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

[BacktoDemocracy]

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

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

[Gbye grey sky]

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.

[Teejams]

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