Capital gains tax in UK and Aus
#1
Shandyw
Thread Starter
Joined: Oct 2005
Location: Sydney
Posts: 44
Capital gains tax in UK and Aus
If you sell a property in the UK, do you have to pay CGT both in Aus and the UK?
#2
Re: Capital gains tax in UK and Aus
There is a tax agreement so any tax you pay to HMRC will be offset against any tax due in Australia, so although you will be assessed by each tax authority you won’t pay twice.
#3
Shandyw
Thread Starter
Joined: Oct 2005
Location: Sydney
Posts: 44
Re: Capital gains tax in UK and Aus
Thanks
#4
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Capital gains tax in UK and Aus
What type of Australian visa do you have, and where are you living presently?
Best regards.
Best regards.
#6
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Capital gains tax in UK and Aus
This means you will need to prepare a Non Resident CGT return for submission to HM Revenue within 30 days of the sale of a UK residential property completing.
There is also a CGT position in Australia to consider.
Feel able to telephone me to discuss - 03 9935 2929. I'll be around over the Xmas and NY period if needs be.
Best regards.
#7
Shandyw
Thread Starter
Joined: Oct 2005
Location: Sydney
Posts: 44
Re: Capital gains tax in UK and Aus
Thanks Alan, I will give you a ring next week. Shandy