CGT Quick Query
Nov 25th 2003, 7:45 am
#1
Forum Regular
Thread Starter
Joined: Nov 2002
Location: Ashford, Kent
Posts: 191
CGT Quick Query
If you rent out your main UK property and only rent in Australia, and subsequently sell, would this be classified as your main residence and therefore be exempt from CGT in the UK and Australia?
There have been a lots of queries around this area, but this particular question has not been answered...
Thanks
There have been a lots of queries around this area, but this particular question has not been answered...
Thanks
Nov 25th 2003, 7:59 am
#2
Forum Regular
Joined: Aug 2003
Location: surrey
Posts: 84
The short and sweet answer is NO. It can harldly be you main residence if you live 100's miles away.
Nice try though
Nice try though
Nov 25th 2003, 10:32 am
#3
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Thread Starter
Joined: Nov 2002
Location: Ashford, Kent
Posts: 191
Originally posted by Enzo&Chloe
The short and sweet answer is NO. It can harldly be you main residence if you live 100's miles away.
Nice try though
The short and sweet answer is NO. It can harldly be you main residence if you live 100's miles away.
Nice try though
"An individual's or married couple's only or main residence. "
And these things can be subject to legal 'interpretation'.
What would happen if you rented in Aus for a couple of years, decided that you wanted to stay, served notice on your tenants and your rental property, put your stuff into storage, went back for a couple of months, moved back in and sold up, this would then be your only residence...? My best guess is that you would hit all sorts of tax residency rules.
