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Tax time limit on selling house in uk?

Tax time limit on selling house in uk?

Old Jun 29th 2005, 6:24 am
  #1  
ljj
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Default Tax time limit on selling house in uk?

We have tenants in our house in the UK. Quite happy to keep them there at the moment as we are not looking at buying for a while.

A friend has told us his accountant has said that he has to sell within 2 years unless he wants to pay Capital Gains Tax.

When we first arrived it took me about 45 mins to get put through to the correct (I hope) dept in the Tax office and they said as long as we hadn't bought here, the UK home was our main residence and we had "about six years ......I think".

With him not being confident I am now asking you clever Expats out there does anybody know how many officially?

We thought we had addressed this when we first got here and had plenty of time.We have been here 21 months ....eek.

Louise
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Old Jun 29th 2005, 7:14 am
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Default Re: Tax time limit on selling house in uk?

Originally Posted by ljj
We have tenants in our house in the UK. Quite happy to keep them there at the moment as we are not looking at buying for a while.

A friend has told us his accountant has said that he has to sell within 2 years unless he wants to pay Capital Gains Tax.

When we first arrived it took me about 45 mins to get put through to the correct (I hope) dept in the Tax office and they said as long as we hadn't bought here, the UK home was our main residence and we had "about six years ......I think".

With him not being confident I am now asking you clever Expats out there does anybody know how many officially?

We thought we had addressed this when we first got here and had plenty of time.We have been here 21 months ....eek.

Louise
Hello,

If you havn't bought another home, then it is 6 years. Note that if you make a currency gain from the time you receive the sale proceeds to the time you transfer then this is liable for CGT, but if this happens you're better off anyway. You can also claim a loss if the exchange rate goes down.

Regards
Alistair
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Old Jun 29th 2005, 9:07 am
  #3  
ljj
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Default Re: Tax time limit on selling house in uk?

Thank you,

that's really worth knowing especially about the exchange rate.

Louise
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