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Sorry another exchange rate one

Sorry another exchange rate one

Old Jul 26th 2005, 7:56 pm
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Default Sorry another exchange rate one

Hello all,

I know that you pay tax on any extra money you get from an increase in the exchange rate once you,ve landed.What happens though if you hav,nt say for example managed to sell your house so you don,t have the funds from that when you arrive,but say after 12 months you do sell and then you do have that money.
Does anyone know wether that amount then is still taxable if the rate does increase even if you can prove you,ve only just recieved it?

Awkward i know but maybe some clever cloggs might have ther answer.

dave
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Old Jul 26th 2005, 8:04 pm
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Default Re: Sorry another exchange rate one

My understanding is, yes. Also if the house value increases in that time you could face tax on those gains as well.
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Old Jul 26th 2005, 8:31 pm
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Default Re: Sorry another exchange rate one

I think if the poperty increases in value you pay tax on the capital increase, or if you leave money in the bank and the exchage rate moves favourably you pay tax on the improvement in rate.
Best to take some proper advice in the sums are likely to be high
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Old Jul 26th 2005, 8:51 pm
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Default Re: Sorry another exchange rate one

If you've tried to sell your house before you leave and haven't succeeded it's not very likely that when you do it'll have risen in value, in fact I'd say if you can't sell, it can only decrease in value.
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Old Jul 26th 2005, 8:53 pm
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Default Re: Sorry another exchange rate one

ok what about if you rent while your in Aus and don,t actually buy would you still have to pay tax on an increase in your uk property after a sale bearing in mind here we don,t if we,ve only one property.
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Old Jul 26th 2005, 9:06 pm
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Default Re: Sorry another exchange rate one

Originally Posted by fraser
in fact I'd say if you can't sell, it can only decrease in value.

Unfortunatly your so right.
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Old Jul 26th 2005, 9:13 pm
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Default Re: Sorry another exchange rate one

Originally Posted by chippy dave
ok what about if you rent while your in Aus and don,t actually buy would you still have to pay tax on an increase in your uk property after a sale bearing in mind here we don,t if we,ve only one property.
now you are getting into the realms of priciple private residence, which is exempt from capital gains under the UK system. Renting could then make it an investment property which could result in tax on any gains. There is also the rental income which would be taxable.
You should take professional advice to ensure you get proper tax planning for your particular circumstances.
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