NZ & UK capital gains Tax
#1
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Thread Starter
Joined: Mar 2002
Posts: 60
NZ & UK capital gains Tax
This is perhaps the wrong place to ask, but as I understand it, there is strictly speaking no capital gains tax in NZ is this correct? We have a share in a property over here which we intend to sell within the next 18mnths. Does anyone know what would happen tax wise if we lived in NZ when the property is sold? I'm presuming that we would pay income tax in NZ and therefore the capital gain would be taxed (or not) in NZ also. If anyone has any insight, please share it.
Thanks.
Richard
Thanks.
Richard
#2
#3
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Joined: Mar 2002
Posts: 60
Re: NZ & UK capital gains Tax
Sorry. The post was about the tax in NZ compared to the UK.
#4
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Re: NZ & UK capital gains Tax
Richard,
Capital gains tax is not straightforward - if you are resident or ordinarily resident
in the UK when the asset is sold you will be subject to UK CGT.
You will also be subject to UK CGT if you return to the UK within 5 tax years of your
departure, or if you sell the asset in the same tax year as that in which you leave
the UK, even if after the date you leave to emigrate.
All of which is subject to today's UK Budget - and dare I say that you may have to
pay for some reliable written tax planning advice ...!
Best regards.
Alan Collett www.collettandco.com
rich.arlene wrote in message <[email protected]>... This is perhaps the
wrong place to ask, but as I understand it, there is strictly speaking no capital
gains tax in NZ is this correct? We have a share in a property over here which we
intend to sell within the next 18mnths. Does anyone know what would happen tax wise
if we lived in NZ when the property is sold? I'm presuming that we would pay income
tax in NZ and therefore the capital gain would be taxed (or not) in NZ also. If
anyone has any insight, please share it.
Thanks.
Richard
--
Posted via http://britishexpats.com
Capital gains tax is not straightforward - if you are resident or ordinarily resident
in the UK when the asset is sold you will be subject to UK CGT.
You will also be subject to UK CGT if you return to the UK within 5 tax years of your
departure, or if you sell the asset in the same tax year as that in which you leave
the UK, even if after the date you leave to emigrate.
All of which is subject to today's UK Budget - and dare I say that you may have to
pay for some reliable written tax planning advice ...!
Best regards.
Alan Collett www.collettandco.com
rich.arlene wrote in message <[email protected]>... This is perhaps the
wrong place to ask, but as I understand it, there is strictly speaking no capital
gains tax in NZ is this correct? We have a share in a property over here which we
intend to sell within the next 18mnths. Does anyone know what would happen tax wise
if we lived in NZ when the property is sold? I'm presuming that we would pay income
tax in NZ and therefore the capital gain would be taxed (or not) in NZ also. If
anyone has any insight, please share it.
Thanks.
Richard
--
Posted via http://britishexpats.com
#5
Forum Regular
Thread Starter
Joined: Mar 2002
Posts: 60
Re: NZ & UK capital gains Tax
Thanks very much for that general info. Rest assured that I will seek proper advice on this but it is usefull to have an idea of the situation.
Richard.
Richard.