Hitmanfc1000 Posted May 30, 2017 Share Posted May 30, 2017 Hi everyone I wonder if anyone can provide us with any advice? We are still currently living in the UK, awaiting the sale of our UK house to complete. As soon as we have the funds from this (hopefully 8 weeks) we will be moving to Perth, WA. We also have another property in the UK (father-in laws house), which we recently inherited. This house is currently being renovated, which should be completed in approximately 10 weeks. We will then be listing this house for sale, hoping it will sell fairly quickly. We are going to have to pay inheritance tax in the UK for my father-in laws estate. My question is, will we be subject to any taxes on this property in Australia after we sell the property in the UK? Most of our money from the sale of our UK home, and the money from the sale of my father-in laws house will be left in a UK bank account until we have decided that we definitely want to stay in Australia, and when (if) the exchange rate improves. I would be grateful for any advice. Thanks Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted May 30, 2017 Share Posted May 30, 2017 Not if you have already paid tax on it in the UK but maybe check with one of our financial advisors for the best way forward. Also why not sign up for a free moneycorp account then you can keep an eye in the exchange rate and lock in a higher rate. Quote Link to comment Share on other sites More sharing options...
Hitmanfc1000 Posted May 30, 2017 Author Share Posted May 30, 2017 Thank you for the advice, I will speak with a financial adviser. I thought I had already signed up for a moneycorp account, but it appears I haven't. I will sign up for a free account. Thanks again Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted May 31, 2017 Share Posted May 31, 2017 You can register with Moneycorp via this link - https://online.moneycorp.com/AccountOpening/Default#/stage_1?rp=10168283 Make sure you mention you are a Poms in Oz member and you will get no transfer fees. Feel free to contact me should you need anything. Quote Link to comment Share on other sites More sharing options...
Hitmanfc1000 Posted June 1, 2017 Author Share Posted June 1, 2017 Thanks John. I will set an account up, and will definitely contact you in the coming weeks. Thanks again Frank Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted June 7, 2017 Share Posted June 7, 2017 I anticipate you are selling your late father in law's house in your capacity as executors. Once the property has been sold and the IHT accounted for to HM Revenue the proceeds of the estate can be appropriated to the beneficiary/ies of the estate. Until those funds are appropriated the beneficiary/ies does/do not own the asset. A planning point to watch with the administration of the estate relates to the residence of the executor/s - it is generally best to ensure executors are resident in the UK. For this reason non resident executors will often take what is called "power reserved." Discuss this with the professional (solicitor or accountant) advising the executor/s. Best regards. 1 Quote Link to comment Share on other sites More sharing options...
Hitmanfc1000 Posted June 12, 2017 Author Share Posted June 12, 2017 Thanks for the response, and advice Alan. I appreciate it. Thanks again Frank 1 Quote Link to comment Share on other sites More sharing options...
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