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Selling property in Scotland from Australia

Selling property in Scotland from Australia

Old May 9th 2018, 4:04 am
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Default Selling property in Scotland from Australia

Hi Everyone,
My partner and I own a property in Aberdeen and we've decided to finally bite the bullet and sell when the tenants move out in October 2018. I think there will be tax to pay in Scotland as we started renting it out in 2008 and probably tax to pay in NSW too but I'm feeling confused. Has anyone else sold in Scotland recently? Any advice would be greatly appreciated!
Thank you!
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Old Jun 21st 2018, 11:41 pm
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Default Re: Selling property in Scotland from Australia

Originally Posted by carzinoz09 View Post
Hi Everyone,
My partner and I own a property in Aberdeen and we've decided to finally bite the bullet and sell when the tenants move out in October 2018. I think there will be tax to pay in Scotland as we started renting it out in 2008 and probably tax to pay in NSW too but I'm feeling confused. Has anyone else sold in Scotland recently? Any advice would be greatly appreciated!
Thank you!
Hi

We sold our Aberdeen property at the end of 2015. Owned since 2001 and rented since 2004. No capital gains in Scotland and very little in Australia. In Australia it was all to do with when we committed to life in Australia - we had a couple of choices such as when we got PR, when we became citizens or when we bought our first Australian house. The Aussie accountant looked into exchange rates on each of those dates and worked out the figures.
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Old Jun 25th 2018, 11:30 pm
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Default Re: Selling property in Scotland from Australia

https://www.bdhtax.com/news/capital-...-nrcgt-return/

Don't forget the need to consider UK capital gains tax as well - and the requirement to submit a Non Resident CGT return with HM Revenue within 30 days of the sale completing.

Late filing penalties apply if you don't submit the NRCGT return on time.

Best regards.
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Old Jul 27th 2018, 1:12 am
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Default Re: Selling property in Scotland from Australia

Originally Posted by galba View Post
Hi

We sold our Aberdeen property at the end of 2015. Owned since 2001 and rented since 2004. No capital gains in Scotland and very little in Australia. In Australia it was all to do with when we committed to life in Australia - we had a couple of choices such as when we got PR, when we became citizens or when we bought our first Australian house. The Aussie accountant looked into exchange rates on each of those dates and worked out the figures.
I’m in a similar situation in that my arrival in Australia in early 2012 would deem my UK house cost base to be high in AUD, (based on AUS tax residency being immediately applicable). I didn’t realise that Aus tax residency could be deemed to be PR date or Citizenship date, having already selected ‘I’m tax resident’ on my employment forms.
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Old Jul 27th 2018, 1:14 am
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Default Re: Selling property in Scotland from Australia

Originally Posted by Dentonburn View Post


I’m in a similar situation in that my arrival in Australia in early 2012 would deem my UK house cost base to be high in AUD, (based on AUS tax residency being immediately applicable). I didn’t realise that Aus tax residency could be deemed to be PR date or Citizenship date, having already selected ‘I’m tax resident’ on my employment forms.
It is improbable you only commenced tax residency when becoming a citizen if you were already living in Australia as a permanent resident.

Best regards.
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Old Jul 27th 2018, 2:41 am
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Default Re: Selling property in Scotland from Australia

Originally Posted by Alan Collett View Post
It is improbable you only commenced tax residency when becoming a citizen if you were already living in Australia as a permanent resident.

Best regards.
Thanks for your response.Yes, thought so, that’s why I queried the information regarding ‘selection’ of tax residency date. It seems to be possible to have made a UK CGT loss and an AUS profit based on the movement in GBP/AUD, sterling being very weak in early 2012.
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Old Jul 27th 2018, 10:41 am
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Default Re: Selling property in Scotland from Australia

I agree with Alan because you can not have a tax residency if you are a Australian national and other than that contact a good agent who can help you with these taxes.
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Old Jul 27th 2018, 11:04 am
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Default Re: Selling property in Scotland from Australia

Originally Posted by ahmed11 View Post
I agree with Alan because you can not have a tax residency if you are a Australian national .
Yes you can.
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Old Jul 27th 2018, 11:46 pm
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Default Re: Selling property in Scotland from Australia

Originally Posted by ahmed11 View Post
I agree with Alan because you can not have a tax residency if you are a Australian national and other than that contact a good agent who can help you with these taxes.
I’ve read this a few times, still don’t understand what you’re saying. I don’t think anyone is disagreeing with Alan.
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Old Jul 28th 2018, 7:32 am
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Default Re: Selling property in Scotland from Australia

Originally Posted by Dentonburn View Post


I’ve read this a few times, still don’t understand what you’re saying. I don’t think anyone is disagreeing with Alan.
I wouldn't spend too much time trying to understand, this poster seems to be posting a lot of incomprehensible stuff on other threads too
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