Selling house in UK after 6 years in Oz
Sep 21st 2013, 2:46 am
#16
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Re: Selling house in UK after 6 years in Oz
I spoke to a UK accountant about this back in 2006 and he told me if you sell your Uk house from Australia ie your living in Australia then you won't pay any tax even if were liable for it as Uk resident.
Sep 21st 2013, 2:52 am
#17
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Re: Selling house in UK after 6 years in Oz
Sep 21st 2013, 7:04 am
#18
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Re: Selling house in UK after 6 years in Oz
Left UK in 92 and been carefull since to only sell shares to keep my CG below the UK allowance and so not done a UK tax return since I left.
Sep 21st 2013, 11:28 am
#19
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Re: Selling house in UK after 6 years in Oz
Does this apply to stocks and share you hold in UK companies via a broker in the UK as well. Only intrested in the UK tax angle as I know the Oz rules.
Left UK in 92 and been carefull since to only sell shares to keep my CG below the UK allowance and so not done a UK tax return since I left.
Left UK in 92 and been carefull since to only sell shares to keep my CG below the UK allowance and so not done a UK tax return since I left.
Sep 21st 2013, 11:37 am
#20
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Re: Selling house in UK after 6 years in Oz
Just out of interest what would happen if you were a non resident when you sold the house but then returned to the Uk? Would you be liable for anything upon your return?
Sep 23rd 2013, 11:01 am
#22
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Re: Selling house in UK after 6 years in Oz
Well we still have equity in the house, just that it is less than what it would have been when we left the UK in 2008. Therefore we have lost some of the profit but not all.
Sep 23rd 2013, 5:13 pm
#23
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Re: Selling house in UK after 6 years in Oz
You won't be liable for CGT in Oz as you can rent your PPOR out for 6 years before it becomes an issue.
Remember the CGT if you were liable would be based on the value of the property when you arrived in Oz (worked out using the exchange rate on the date you arrived) in Oz$ and the difference in value of the property when you sold it in Oz$ on the date you sold it.If this proves to be a loss you can keep the loss for use against any capital gain you make in the future.
Remember the CGT if you were liable would be based on the value of the property when you arrived in Oz (worked out using the exchange rate on the date you arrived) in Oz$ and the difference in value of the property when you sold it in Oz$ on the date you sold it.If this proves to be a loss you can keep the loss for use against any capital gain you make in the future.
I don't know about the PPOR exemption in Australia. Kiwipaul - is it right that you can carry forward a capital loss even if any gain would have been exempt (which is how I am interpreting what you say above, but maybe I am reading it wrong)?
Sep 24th 2013, 12:31 am
#25
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Re: Selling house in UK after 6 years in Oz
You simply don't claim your UK house your PPOR you claim it is an investment property and that way you can carry forward the loss. The individual has the choice of how he declares his investments, and in this case they are not taking advantage of the PPOR rights.
