Aussiebird Posted January 3, 2018 Share Posted January 3, 2018 Hello to you all, If a UK property is sold and the money is transferred to an Oz account, is the amount liable for any tax? Just wondered how it all works. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
NicF Posted January 6, 2018 Share Posted January 6, 2018 There is no tax owing purely on money transferred but depending on circumstances there may be capital gains tax to pay in one or the other country. Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted January 6, 2018 Author Share Posted January 6, 2018 Thanks for your reply NicF. What is capital gains tax? Quote Link to comment Share on other sites More sharing options...
NicF Posted January 6, 2018 Share Posted January 6, 2018 1 hour ago, Aussiebird said: Thanks for your reply NicF. What is capital gains tax? That’s when you make a gain from a capital item, such as property, and get taxed on that gain. I read on another thread that you are currently in the UK? And I assume the house is your only house and you are living in it? And you are planning to sell before you move? In which case there would be no capital gains to pay. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted January 6, 2018 Share Posted January 6, 2018 1 hour ago, Aussiebird said: Thanks for your reply NicF. What is capital gains tax? Not applicable if said property in UK is your place of residence which I suspect that it is. 1 Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted January 6, 2018 Author Share Posted January 6, 2018 2 hours ago, NicF said: That’s when you make a gain from a capital item, such as property, and get taxed on that gain. I read on another thread that you are currently in the UK? And I assume the house is your only house and you are living in it? And you are planning to sell before you move? In which case there would be no capital gains to pay. Hi, yes it's our only property which will be sold before we move to Australia X Quote Link to comment Share on other sites More sharing options...
Ken Posted January 7, 2018 Share Posted January 7, 2018 On 6/01/2018 at 22:24, Aussiebird said: Hi, yes it's our only property which will be sold before we move to Australia X In that case it escapes Australian Tax not just because it's your main residence but also because you aren't resident in Australia. There's also no UK tax on your home. Quote Link to comment Share on other sites More sharing options...
Aussiebird Posted January 7, 2018 Author Share Posted January 7, 2018 Happy days!!! Quote Link to comment Share on other sites More sharing options...
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