Diane333 Posted July 31, 2017 Share Posted July 31, 2017 (edited) Some advise required please. I am a PR in Australia and I am selling my house in the U.K, I have not bought a house in Australia (in case that is relevant). I have been told (by a taxation accountant) if I sell within 6 years of my arrival date I will not be liable for CGT. I am sssuming this is correct and if so do I have to move the money to Australia by my anniversary date also? Thanks Diane Edited July 31, 2017 by Diane333 Quote Link to comment Share on other sites More sharing options...
akiralx Posted July 31, 2017 Share Posted July 31, 2017 Has it gone up in value since it stopped being your principal residence? If not then no CGT liability anyway. Quote Link to comment Share on other sites More sharing options...
Diane333 Posted July 31, 2017 Author Share Posted July 31, 2017 Yes it has as the market has recovered since our move. I know that up to six years there is no CGT payable if It is still your only home. I am just wondering if the money has to be moved before our anniversary date also? Quote Link to comment Share on other sites More sharing options...
Collie Posted July 31, 2017 Share Posted July 31, 2017 Hi Diane, It depends. You have 2 issues, do you have a tax liability in the UK? and do you have one in Australia? I think the advice you have received relates to Australia only. A couple of key ?s - Was the property your PPR? Did you live in the property and/or have you had the property tenanted? (may be pro rata), if so, time of each will be required. There will be different rules in the UK and Australia. You may have a liability in both countries, 1 country or no liability at all. You won't pay the same tax twice though, eg if you have a liability in the UK, you will receive a credit against any liability in Australia. Quote Link to comment Share on other sites More sharing options...
MaggieMay24 Posted August 2, 2017 Share Posted August 2, 2017 A reminder to members that this section of the forum is for members to get financial advice from Vista's financial advisors. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted August 9, 2017 Share Posted August 9, 2017 Watch CGT in the UK - since 6 April 2015 the disposal of a residential property by a non UK resident individual has been subject to CGT in the UK. The UK allows exempt ownership periods and exemptions, which can reduce the CGT payable. There is also a deadline of 30 days post completion for the delivery of a Non Resident CGT return to HMRC. CGT is generally an area where professional advice is a must have. Watch out for UK Inheritance Tax issues too. Best regards. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted August 9, 2017 Share Posted August 9, 2017 On 31/07/2017 at 14:38, Diane333 said: Yes it has as the market has recovered since our move. I know that up to six years there is no CGT payable if It is still your only home. I am just wondering if the money has to be moved before our anniversary date also? It all depends. Be mindful of Australia's forex gains and losses provisions - which can be an issue depending on what you do with the proceeds of sale. Best regards. Quote Link to comment Share on other sites More sharing options...
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