paisleylass Posted September 3, 2015 Share Posted September 3, 2015 Good info, thanks Alan! Quote Link to comment Share on other sites More sharing options...
mxh Posted September 4, 2015 Share Posted September 4, 2015 http://www.gmtax.com.au/uk-capital-gains-tax-on-residential-property-sold-by-non-resident-individuals-reporting-to-hmrc/ Best regards. The webpage says there is a "CGT Annual Exemption (£11,100 for 2015/16) available for each individual with an interest in the sold property" I have a house in my name, so if I sold it I could make use of this 11k exemption - but if my wife also had an 'interest', it sounds like she could also use her 11k exemption - ie giving us 22k in total. Is this correct? And if so, is there an easy / cost effective way of giving my wife an 'interest'? Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted September 4, 2015 Share Posted September 4, 2015 The webpage says there is a "CGT Annual Exemption (£11,100 for 2015/16) available for each individual with an interest in the sold property" I have a house in my name, so if I sold it I could make use of this 11k exemption - but if my wife also had an 'interest', it sounds like she could also use her 11k exemption - ie giving us 22k in total. Is this correct? And if so, is there an easy / cost effective way of giving my wife an 'interest'? This question is likely to require paid for professional advice if you want advice on which you can rely. Best regards. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted September 4, 2015 Share Posted September 4, 2015 Remember that there may well be a CGT exposure in Australia too - dependent on other property ownership/s, your visa status, etc. Best regards. Quote Link to comment Share on other sites More sharing options...
mxh Posted September 4, 2015 Share Posted September 4, 2015 This question is likely to require paid for professional advice if you want advice on which you can rely. Best regards. Definitely - and if/when I come to sell said house I'd get professional advice. But it would be interesting to know whether this is an avenue to be explored, or whether there's reasons why this shouldn't / couldn't be done. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted September 4, 2015 Share Posted September 4, 2015 Definitely - and if/when I come to sell said house I'd get professional advice. But it would be interesting to know whether this is an avenue to be explored, or whether there's reasons why this shouldn't / couldn't be done. IMHO the time to take advice is now - in case there are steps you can take to mitigate the CGT position upon the future sale of the property. Best regards. Quote Link to comment Share on other sites More sharing options...
Makybe Diva Posted September 4, 2015 Share Posted September 4, 2015 IMHO the time to take advice is now - in case there are steps you can take to mitigate the CGT position upon the future sale of the property. Best regards. I agree with Alan. CGT and residency issues are complicated areas which change all the time. Waiting until your property has been sold will often be too late to utilise various reliefs, exemptions etc. I realise people don't want to pay for advice but it can be worth it in the long term. Quote Link to comment Share on other sites More sharing options...
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