Capital Gains on Investment Property in UK
Apr 11th 2007, 7:26 am
#1
Forum Regular
Thread Starter
Joined: Jan 2007
Posts: 80
Capital Gains on Investment Property in UK
Hi,
Hope someone out there can help us.
We are moving to Australia in November and have an investment property in the UK in which our son lives. We would like to give him a percentage of this property in the next UK tax year (e.g after next April 5th) and wish to know what capital gain tax would arise from this.
If we gave him say £40k's worth of the property (he'd better be nice to me!), would we still be entitled to the £8,800 annual exemption that we would have had if still in the UK or will we be judged under Aussie rules as by then we will be resident in Australia?
Does Australia have an 'annual exemption' from CGT?
We can't do this before next April as we have already used up our annual exemption for this year.
Also can anyone recommend a good tax accountant that knows both Australian and British tax laws as I am baffled completely by the Inland Revenue website and lost the will to live whilst reading the bit on CGT.
Thanks folks.
Deb
Hope someone out there can help us.
We are moving to Australia in November and have an investment property in the UK in which our son lives. We would like to give him a percentage of this property in the next UK tax year (e.g after next April 5th) and wish to know what capital gain tax would arise from this.
If we gave him say £40k's worth of the property (he'd better be nice to me!), would we still be entitled to the £8,800 annual exemption that we would have had if still in the UK or will we be judged under Aussie rules as by then we will be resident in Australia?
Does Australia have an 'annual exemption' from CGT?
We can't do this before next April as we have already used up our annual exemption for this year.
Also can anyone recommend a good tax accountant that knows both Australian and British tax laws as I am baffled completely by the Inland Revenue website and lost the will to live whilst reading the bit on CGT.
Thanks folks.
Deb
Apr 11th 2007, 7:33 am
#2
Timelord
Joined: May 2006
Location: Lost in space...
Posts: 2,834
Re: Capital Gains on Investment Property in UK
Hi,
Hope someone out there can help us.
We are moving to Australia in November and have an investment property in the UK in which our son lives. We would like to give him a percentage of this property in the next UK tax year (e.g after next April 5th) and wish to know what capital gain tax would arise from this.
If we gave him say £40k's worth of the property (he'd better be nice to me!), would we still be entitled to the £8,800 annual exemption that we would have had if still in the UK or will we be judged under Aussie rules as by then we will be resident in Australia?
Does Australia have an 'annual exemption' from CGT?
We can't do this before next April as we have already used up our annual exemption for this year.
Also can anyone recommend a good tax accountant that knows both Australian and British tax laws as I am baffled completely by the Inland Revenue website and lost the will to live whilst reading the bit on CGT.
Thanks folks.
Deb
Hope someone out there can help us.
We are moving to Australia in November and have an investment property in the UK in which our son lives. We would like to give him a percentage of this property in the next UK tax year (e.g after next April 5th) and wish to know what capital gain tax would arise from this.
If we gave him say £40k's worth of the property (he'd better be nice to me!), would we still be entitled to the £8,800 annual exemption that we would have had if still in the UK or will we be judged under Aussie rules as by then we will be resident in Australia?
Does Australia have an 'annual exemption' from CGT?
We can't do this before next April as we have already used up our annual exemption for this year.
Also can anyone recommend a good tax accountant that knows both Australian and British tax laws as I am baffled completely by the Inland Revenue website and lost the will to live whilst reading the bit on CGT.
Thanks folks.
Deb
Pretty sure he deals with your situation a lot...
