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Guest rache&matt

Will I pay capital gains tax on house sale in uk when resident in Aus?

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Guest rache&matt

Hi,

Now Im sure this subject has been done a few times but Im confused!!!!

We will be renting home out probably so we can get going to Perth.

My question is....when we do sell our home in the UK will we have to pay capital gains tax on it as we are no longer resident in it? And if so how much do you pay?

Thanks very much for any help on this.

Rache

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Had a meet with a tax adviser over here as we are in the same situation, she told us that we have 6 years to sell the house without being subject to capital gains tax UNLESS we buy a house in Perth before we sell. However, they do allow a minor time allowance to cover selling and purchase overlapping. If you are intending to buy here and maintain a house in the UK then you will be subject to CGT. There again is a way that you can reduce this but we didn't go into that as we are renting, hope that helps. If you want the phone number of our agent I am happy to PM it to you, she is SOR ( but only just !!!!)

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Guest RobynAtPresentInLondon

I think that the CGT is more likely to be on the Australian end, not the UK end. Am I right in thinking that your residence status makes a difference? Are temporary Aus residents exempt for longer than PR/citizens? I am also in the midst of this dilemma as I am (still) sickened by the exchange rate and wonder if any CGT could ever be as great as the amount that the AUD is 'overpriced'???

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I think that the CGT is more likely to be on the Australian end, not the UK end. Am I right in thinking that your residence status makes a difference? Are temporary Aus residents exempt for longer than PR/citizens? I am also in the midst of this dilemma as I am (still) sickened by the exchange rate and wonder if any CGT could ever be as great as the amount that the AUD is 'overpriced'???

 

 

The Aussie dollar is cool leave it alone


Here at last:jiggy:

SUFC life not a pastime

I limit myself to 2 drinks a day, I`m now 10 years in front make that 15

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Guest rache&matt
Had a meet with a tax adviser over here as we are in the same situation, she told us that we have 6 years to sell the house without being subject to capital gains tax UNLESS we buy a house in Perth before we sell. However, they do allow a minor time allowance to cover selling and purchase overlapping. If you are intending to buy here and maintain a house in the UK then you will be subject to CGT. There again is a way that you can reduce this but we didn't go into that as we are renting, hope that helps. If you want the phone number of our agent I am happy to PM it to you, she is SOR ( but only just !!!!)

 

 

Hi,

Phone number or email would be great, thanks.

We would probably be buying in Perth if we can afford it, but we have to see when we get there.

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Guest rache&matt
I think that the CGT is more likely to be on the Australian end, not the UK end. Am I right in thinking that your residence status makes a difference? Are temporary Aus residents exempt for longer than PR/citizens? I am also in the midst of this dilemma as I am (still) sickened by the exchange rate and wonder if any CGT could ever be as great as the amount that the AUD is 'overpriced'???

 

 

This is exactly what we are trying to work out.

Do we take a financial hit now by taking a low offer with rubbish exchange rate, or rent the house for a couple of years and then sell, but be hit with tax.

Part of me wants to take the hit now and make it up when in Australia somehow, then we can cut all financial ties with the UK and move on completely. But....dont want to rip ourselves off either!!!!! Is anything easy????

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Guest RobynAtPresentInLondon
This is exactly what we are trying to work out.

Do we take a financial hit now by taking a low offer with rubbish exchange rate, or rent the house for a couple of years and then sell, but be hit with tax.

Part of me wants to take the hit now and make it up when in Australia somehow, then we can cut all financial ties with the UK and move on completely. But....dont want to rip ourselves off either!!!!! Is anything easy????

 

I'm so with you there! Nothing is easy.

 

If only I had have pushed and pushed my husband 2 years ago:arghh: Oh well will now need a mortgage for the amount we will not get in the exchange rate that we would have got back then. AND before everyone says 'you can't look back, don't complain just get on with it' - I know that!!! It's just irritating and now I have it out of my system (for a little while)

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Guest RobynAtPresentInLondon

I guess the other problem with renting your house out is that you may or may not have tenants for the whole time, which would leave you out of pocket, the heating might catastrophically fail (this is my fear!) and require complete replacement, which would leave you out of pocket and possibly out of your mind. However, you may spend years feeling aggrieved re exchange rate if there is a sudden change in the next year or so! Nightmare to be in the middle of.

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Guest rache&matt

Its just a nightmare isnt it.

Im with you on the heating, our boiler does have a tendancy to play up and a massive bill for that would make it all NOT worth while.

We are so undecided about it, no plan seems to be the outright winner.

But Im sure we are far fromt he only ones in this hideous situation, we nearly sold 3 years ago when prices were high and exchange good, but didnt and regret that so much.

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