acb Posted August 1, 2019 Share Posted August 1, 2019 Hi, please can anybody advise We have sold our UK house owned for 25 years and moved with our 2 teenagers into a long term rental in Queensland. We are dual nationals as a result of OZ health care postings for several years circa 2000. Worked hard & sent all our money home around this time to finance renovation of our UK property at painful exchange rate of $3 to £1., hoping to finish the project, sell up and return to oz soon after, but for various personal reasons our anticipated return has been long delayed . Sixteen years on funds from our recent house sale are sat in an easy access account in the UK but we can't afford bring the bulk of the money over at current low exchange rate, loosing out yet again, until we are sure the children are going to settle, when we would look a buying a house here in a year or two. Do we have to worry about (ATO) taxation on currency gains when and if the pound strengthens against the Aussie dollar ?? would be grateful for any insight AJ Quote Link to comment Share on other sites More sharing options...
MARYROSE02 Posted August 1, 2019 Share Posted August 1, 2019 (edited) There is an agreement between the UK and Australia so that you are not taxed twice in both countries but you will be taxed in one of them and probably have to file returns in both countries. I have to do that as I have income from both countries. Actually, I've started thinking about selling my own home in the UK and wondering, if I do, whether there will be capital gains tax. Edited August 1, 2019 by MARYROSE02 Quote Link to comment Share on other sites More sharing options...
acb Posted August 4, 2019 Author Share Posted August 4, 2019 Hi Maryrose thanks for your reply, I am not sure if I accurately explained our situation . The house was our long term primary residence as such should be free of GC tax in either country. With respect to the currency gains and falls, I was advised by an Australian accountant that currency gains or losses made purely as a result of moneys sat in non invested easy access accounts are not of interest to the ATO as they would be subject to claims for tax relief against losses as frequently as they were in receipt of revenue for gains . An article on page 9 (ex change rate fluctuations and CG tax) seems to back up this view point. Please Maryrose or anybody with solid information advise me if I am reading this right as it could be a stay or go game changer for me and mine. thanks aj Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted August 6, 2019 Share Posted August 6, 2019 How long have you been living in Australia? Are you no longer resident in the UK? If so have you submitted a Non Resident CGT return with HM Revenue? The forex question is probably too detailed an issue for a general discussion forum. Best regards., Quote Link to comment Share on other sites More sharing options...
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