Is there a time limit to transfer money
Jan 19th 2008, 10:29 am
#1
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Posts: 120
Is there a time limit to transfer money
Hi,
Does anyone know if there is a time limit to transfer money from the sale of a house in England?
Does anyone know if there is a time limit to transfer money from the sale of a house in England?
Jan 19th 2008, 10:35 am
#2
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Mar 1st 2008, 1:28 pm
#6
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Location: Cumbria to Queensland!
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Re: Is there a time limit to transfer money
No there aren't!
If it is proceeds of sale of principal residence, then no tax - simple as!
If it is proceeds of sale of principal residence, then no tax - simple as!
Mar 1st 2008, 3:11 pm
#8
pink 'n' bouncy
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Re: Is there a time limit to transfer money
lol
here we go yet again ................
here we go yet again ................
Mar 1st 2008, 7:40 pm
#9
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Posts: 9,316
Re: Is there a time limit to transfer money
I'm not 100% sure but I believe that if you transfer within 12 months then the exchange and the sale are treated as one transaction. So CGT rules for selling a property apply. After 12 months then CGT or Foreign Exchange Gains Tax rules apply to the exchange (and CGT rules for selling a property apply to the property sale).
Mar 1st 2008, 10:59 pm
#10
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Posts: 34,649
Re: Is there a time limit to transfer money
This always leads to a tiresome (oh yes you do, oh no you don't) discussion so I will focus mainly on the points that are accepted by all:
1. There is no time limit to transfer funds. Neither the United Kingdom nor Australia have foreign exchange control.
2. Interest, dividends and rental profit earned in the U.K. after you become tax resident in Australia is liable to Australian tax. British income tax may or may not be chargeable (you still have the personal allowance) but if it is, then you can normally offset against Australian tax.
3. If you sell your house (or other chargeable assets) after you become tax resident in Australia, you may be liable for Australian capital gains tax on the change in value after you become an Australian tax resident. In both case the sale amount and value when you became tax resident is translated into Australian dollars.
4. Some unit trusts in the U.K. may come under Foreign Investment Fund rules and you would be taxed on the change in the value of the fund each year (so it normally makes sense to sell them).
There are other tax laws out there which you might read about but realistically, no-one really understands what they mean (including the ATO). So forum discussions are unlikely to help you.
And please do not send me any PMs looking for further information - I will not respond on this subject.
1. There is no time limit to transfer funds. Neither the United Kingdom nor Australia have foreign exchange control.
2. Interest, dividends and rental profit earned in the U.K. after you become tax resident in Australia is liable to Australian tax. British income tax may or may not be chargeable (you still have the personal allowance) but if it is, then you can normally offset against Australian tax.
3. If you sell your house (or other chargeable assets) after you become tax resident in Australia, you may be liable for Australian capital gains tax on the change in value after you become an Australian tax resident. In both case the sale amount and value when you became tax resident is translated into Australian dollars.
4. Some unit trusts in the U.K. may come under Foreign Investment Fund rules and you would be taxed on the change in the value of the fund each year (so it normally makes sense to sell them).
There are other tax laws out there which you might read about but realistically, no-one really understands what they mean (including the ATO). So forum discussions are unlikely to help you.
And please do not send me any PMs looking for further information - I will not respond on this subject.
Mar 1st 2008, 11:21 pm
#11
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Joined: Aug 2005
Location: Kingston, Tas
Posts: 2,264
Re: Is there a time limit to transfer money
This always leads to a tiresome (oh yes you do, oh no you don't) discussion so I will focus mainly on the points that are accepted by all:
1. There is no time limit to transfer funds. Neither the United Kingdom nor Australia have foreign exchange control.
2. Interest, dividends and rental profit earned in the U.K. after you become tax resident in Australia is liable to Australian tax. British income tax may or may not be chargeable (you still have the personal allowance) but if it is, then you can normally offset against Australian tax.
3. If you sell your house (or other chargeable assets) after you become tax resident in Australia, you may be liable for Australian capital gains tax on the change in value after you become an Australian tax resident. In both case the sale amount and value when you became tax resident is translated into Australian dollars.
4. Some unit trusts in the U.K. may come under Foreign Investment Fund rules and you would be taxed on the change in the value of the fund each year (so it normally makes sense to sell them).
There are other tax laws out there which you might read about but realistically, no-one really understands what they mean (including the ATO). So forum discussions are unlikely to help you.
And please do not send me any PMs looking for further information - I will not respond on this subject.
1. There is no time limit to transfer funds. Neither the United Kingdom nor Australia have foreign exchange control.
2. Interest, dividends and rental profit earned in the U.K. after you become tax resident in Australia is liable to Australian tax. British income tax may or may not be chargeable (you still have the personal allowance) but if it is, then you can normally offset against Australian tax.
3. If you sell your house (or other chargeable assets) after you become tax resident in Australia, you may be liable for Australian capital gains tax on the change in value after you become an Australian tax resident. In both case the sale amount and value when you became tax resident is translated into Australian dollars.
4. Some unit trusts in the U.K. may come under Foreign Investment Fund rules and you would be taxed on the change in the value of the fund each year (so it normally makes sense to sell them).
There are other tax laws out there which you might read about but realistically, no-one really understands what they mean (including the ATO). So forum discussions are unlikely to help you.
And please do not send me any PMs looking for further information - I will not respond on this subject.
