Will our house money be taxed if we move back to the UK?

[Bridgeman]

Due to the adverse effects of Brexit on the exchange rate we are considering whether we should move back to the UK. Predictions are that the pound will only be worth 1.1 dollars towards the end of next year and as most of our pensions are in pounds we will be so much worse off.

 

We brought the money from the sale of our house over at just under 2 to 1 and bought a house here. If we now go back at a lower exchange rate we will obviously end up with more money than we brought over. My question is, does anyone know if this will be seen as a capital gain by the UK tax authorities and will we have to pay tax on this??

[bristolman]

Firstly I wouldn't be too concerned about the predictions or guesses as I prefer to call them.

No I see no reason to think why your money would be taxed here, ours certainly wasnt. I can't see how the authorities could know about any gains made. It would just be proceeds from a house sale.

[Gbye grey sky]

If you are trading in currency then potentially there is a tax liability. Taking money with you when you travel or emigrate would not give rise to a tax charge.

 

There is speculation that the GBP may achieve parity with the Euro next year but I haven't heard anything about it achieving parity with the AUD. This seems highly unlikely.

[Bridgeman]

Thanks for the replies, yes, I suppose if it's house money then it may be considered of a Private and Domestic nature as they do when you bring it over here from the UK. Just wondered if it was any different there.