sue&bob

can anyone please tell me, will we need to pay tax on the sale of our house, we will proberly be putting the money in the bank for a while,due to the fact we are moving to perth and the exchange rate is so low, but wondered if we would be liable for capital gains tax , either here(uk) or australia, we also have shares and not sure whether to leave them here a bit longer or cash them in. sue&bob

Don

If you are UK resident still and the house is your principal private residence (ie your main home) - no capital gains tax is payable in the UK or in Aus either provided you sell it before you move to Aus. You would be potentially liable to income tax on the income from the money on deposit (both countries). Shares - who knows?

Cheers - Don

debsy

well what about this one then?
I am a non resident british citizen and my main uk residence has been rented. If i sell will I have to pay capital gains?

Don

If you sell and also stay non-resident for 5 complete tax years from the date you became non-resident, no CGT is payable.

Cheers - Don

debsy

thanks don. So that means if i sell and then go to oz for 5 years no cgt is payable. Can I get that info anywhere - like a website or something so I can keep it for evidence. Are you a taxman?

Don

Get it from the Inland Revenue here http://search2.openobjects.com/kbrok...it=search&mt=0 - the Helpsheets are the most useful. I'm not a taxman but I have researched that situation you describe and had professional advice too.

Cheers - Don

Alan Collett

At the risk of being morbid, don't forget to make a UK Will and Inheritance Tax ...

Best regards.

yafm

Got a quote yesterday for mirror wills including discretionary trusts to reduce the inheritance tax £780 plus VAT :scared:

This really only means taking our original wills - retyping them with the extra paragraph about the trusts and making the trusts - which obviously are standard documents??????????

Don

Money for old rope!

Cheers - Don

Alan Collett

OK, enough! It isn't easy being in professional life (I'm not looking for sympathy you understand) and its just too easy to make cheap remarks about giving professional advice and the level of fees.

If your advisor gets it wrong you (or your executors/beneficiaries) may well have the right to sue him or her for negligent advice (are you aware of the cost of Professional Indemnity Insurance these days?) - drafting a Will (x 2) isn't just a simple cut and paste exercise. Or at least it shouldn't be if your advisor is doing his/her job properly.

Best regards.

debsy

forgive me for being a bit dozy but why would I have to pay inheritance tax?

Alan Collett

You wouldn't (probably) ... but your estate might if you were to die while still owning the property and if its value (plus - maybe - the value of your other assets) were greater than the IHT nil rate band (just over £250k presently).

Note that your liability to IHT is based on your domicile, not residence, and its far from easy to rid yourself of a UK domicile, even if you live outside the UK for many years.

Best regards.

debsy

thanks

Don

Actually Alan, I'm a firm believer in a fair day's pay for a fair day's work. Pro rata. As I'm sure you are. Just it seems that if (say) someone's PR app goes from Gen Skills to Business, fee goes up from USD2,000 to USD20,000 for maybe the same workload (not necessarily you, Alan!) Not necessarily reflecting work undertaken but probably reflecting ability/ willingness to pay.

Writing discretionary trusts in wills means someone is over the tax-free limit on death: let's charge them loads more because they must be wading in it!

Just making a wee point. Fees go up disproportionately according to wealth/ ability to pay.

Cheers - Don

sundarize

Don from the Pleasance family........ mmm!

Thats Donald Pleasance then! I know you, your're Blofeld. Gotcha, your're rumbled.

Sat there stroking a white cat and planning world domination under the guise of a would be migrant.

Do you expect me to be talk...............?