Charlotte2 Posted February 1, 2022 Share Posted February 1, 2022 Apologies of this has been asked before-I had a look through some posts but couldn’t see a relevant one. We have a property in London which has been rented out for a year (it was our primary residence for 6 years). We emigrated to Aus in August this year and have decided to sell and use the money to buy a property here. If it sells for market value less the improvements etc we won’t have any capital gains but my question is will we have to pay tax on the amount we transfer out here even though we haven't made a gain on it? Quote Link to comment Share on other sites More sharing options...
Parley Posted February 1, 2022 Share Posted February 1, 2022 No Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted February 1, 2022 Share Posted February 1, 2022 If you have a mortgage on the property check the forex tax position in Australia when the loan is redeemed. Remember also the need to submit a CGT return with HMRC following the sale of the property - you have 60 days following completion to do so, otherwise a late filing penalty is likely to eventuate when you lodge the return. Best regards. Quote Link to comment Share on other sites More sharing options...
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