Will we have to pay CGT in Oz on property sold in UK?
#1
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Joined: Apr 2005
Posts: 23
Will we have to pay CGT in Oz on property sold in UK?
Can anyone please give me advice about CTG that might be payable in Oz if we sell our house in UK. These are the facts:
My husband has been in Oz since July 06.
I am in the UK trying to sell or let our house.
If we find buyers and do sell then what capital gains tax, if any would we have to pay in Oz as my husband is all ready there.
As far as I understand we wouldn't owe any CTG in the UK as it is our main residence.
To complicate things slightly we are just about to purchase some land in Oz. Don't know whether this makes any difference to the situation.
If the fact is that we would be hit with CGT then we need to plan accordingly. I hope someone out there has had the same circumstances and can help.
TTFN
My husband has been in Oz since July 06.
I am in the UK trying to sell or let our house.
If we find buyers and do sell then what capital gains tax, if any would we have to pay in Oz as my husband is all ready there.
As far as I understand we wouldn't owe any CTG in the UK as it is our main residence.
To complicate things slightly we are just about to purchase some land in Oz. Don't know whether this makes any difference to the situation.
If the fact is that we would be hit with CGT then we need to plan accordingly. I hope someone out there has had the same circumstances and can help.
TTFN
#2
Re: Will we have to pay CGT in Oz on property sold in UK?
I have a friend in Real Estate, if you don't mind waiting 24 hours for a reply.
#4
Re: Will we have to pay CGT in Oz on property sold in UK?
You wont pay anything, provided that its legally your primary residence.
#5
Re: Will we have to pay CGT in Oz on property sold in UK?
Can anyone please give me advice about CTG that might be payable in Oz if we sell our house in UK. These are the facts:
My husband has been in Oz since July 06.
I am in the UK trying to sell or let our house.
If we find buyers and do sell then what capital gains tax, if any would we have to pay in Oz as my husband is all ready there.
As far as I understand we wouldn't owe any CTG in the UK as it is our main residence.
To complicate things slightly we are just about to purchase some land in Oz. Don't know whether this makes any difference to the situation.
If the fact is that we would be hit with CGT then we need to plan accordingly. I hope someone out there has had the same circumstances and can help.
TTFN
My husband has been in Oz since July 06.
I am in the UK trying to sell or let our house.
If we find buyers and do sell then what capital gains tax, if any would we have to pay in Oz as my husband is all ready there.
As far as I understand we wouldn't owe any CTG in the UK as it is our main residence.
To complicate things slightly we are just about to purchase some land in Oz. Don't know whether this makes any difference to the situation.
If the fact is that we would be hit with CGT then we need to plan accordingly. I hope someone out there has had the same circumstances and can help.
TTFN
Funds from the sale of a house in the uk that was your family home do not attract cgt in oz as long as you move the money to oz within 6 years of becoming a resident. This is as long as you are renting in oz but as soon as you buy a property in oz then your uk house is no longer classed as your family home and you will again be looking at tax implications for value gains.
I am not sure if buying land would be included in this - you would need to take advice on this.
Hope this helps
Tiggs
#6
Re: Will we have to pay CGT in Oz on property sold in UK?
Where do you get the idea that the physical transfer of funds is relevant for CGT purposes?