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Selling Property & CGT

Selling Property & CGT

Old Jan 24th 2020, 12:41 am
  #1  
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Default Selling Property & CGT

Hi all, I am selling a property in the UK which both my sister and I inherited from our late father back in 2001. The value of the property back then was 90,000GBP. Our mother has lived in the home rent free since that time and now has decided to move into an aged care facility. Both my sister and I have now decided that we should sell the property and the estate agent has said we would get 350 - 360,000GBP. The home has not been either my sisters or my main residence as I moved to Australia in the mid 80's.

Whilst my sister still lives in the UK I however am an Australian Citizen and am confused by the Capital Gains Tax rules, will I have to pay and if so at what rate?

Does any know an accountant who is across these matters?
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Old Jan 27th 2020, 5:38 am
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Default Re: Selling Property & CGT

Originally Posted by Samgeo02 View Post
Hi all, I am selling a property in the UK which both my sister and I inherited from our late father back in 2001. The value of the property back then was 90,000GBP. Our mother has lived in the home rent free since that time and now has decided to move into an aged care facility. Both my sister and I have now decided that we should sell the property and the estate agent has said we would get 350 - 360,000GBP. The home has not been either my sisters or my main residence as I moved to Australia in the mid 80's.

Whilst my sister still lives in the UK I however am an Australian Citizen and am confused by the Capital Gains Tax rules, will I have to pay and if so at what rate?

Does any know an accountant who is across these matters?
Suggest you get in contact with Allan Collett on this site. He is qualified in Australian & UK tax matters.

HTH
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