uktax
#1
Just Joined
Thread Starter
Joined: May 2005
Posts: 12
uktax
i plan to let my house out in the UK until I'm happy with my new life down under this could be up to 2 years . Has anyone also done this and did they have any trouble with tax on the proceeds of there house sale.
#2
Re: uktax
Originally Posted by mikejc
i plan to let my house out in the UK until I'm happy with my new life down under this could be up to 2 years . Has anyone also done this and did they have any trouble with tax on the proceeds of there house sale.
As long as you are prepared to comply with income and capital gains tax rules there should be no problems.
Jeremy
#3
Just Joined
Thread Starter
Joined: May 2005
Posts: 12
Re: uktax
Originally Posted by JAJ
What do you mean by 'trouble'?
As long as you are prepared to comply with income and capital gains tax rules there should be no problems.
Jeremy
As long as you are prepared to comply with income and capital gains tax rules there should be no problems.
Jeremy
#4
Re: uktax
Originally Posted by mikejc
what i meant is do you have to give up 40% of your uk house to the British government if your in oz at the time
No you don't. You may not be liable for UK Capital Gains Tax at all if you are resident in Australia, and even if you are, there is relief for property that is or was your main residence.
You may be liable to Australian Capital Gains Tax on the gain between becoming tax resident and sale of the property. Again, reliefs might be available.
You will be expected to pay Australian income tax on the rental profits, whether you bring the money to Australia or not.
If still confused - get professional advice.
Jeremy
#5
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Tax Factsheets
Mike,
There are some free tax factsheets here:
http://www.collettandco.com/factsheet.cfm
Best regards.
There are some free tax factsheets here:
http://www.collettandco.com/factsheet.cfm
Best regards.
#6
Re: uktax
Originally Posted by mikejc
i plan to let my house out in the UK until I'm happy with my new life down under this could be up to 2 years . Has anyone also done this and did they have any trouble with tax on the proceeds of there house sale.
I've also had the extra paperwork of working out and declaring the profit from the rent (when I did have a tennant) and paying the tax bill to the ATO when I couldn't afford it...
It's a pain, don't do it.