camacazi

when we sell our house before moving to oz, and put the money from the sale of the house into the bank, does the tax man take out a huge chunk.

if for example you had £100,000 what would happen?

CaptainMerton

You'll get charged income tax on the £100,000 assuming you've earned more than £5k in the tax year but no other tax than that. Pretty sure thats the case.

camacazi

what percent is the income tax? same as you get taken off your wage?

thanks

biggles7374

What a load of rubbish!!!

If the house you sold is currently your sole and main residence then the proceeds of the sale are exempt from any form of tax.

Andy

camacazi

happy days

so you get nothing took off you then

biggles7374

No, the money is yours!!!

It is a different story if it was a second home or investment property then you would be liable for Capital Gains Tax on the 'profit' you had made since you bought it.

I wish people wouldn't give advice here unless they are sure of what they are saying!!!!!


Andy

camacazi

thanks andy

without being cheeky, how do you know this

CaptainMerton

Sorry if unclear i meant no tax but you'll pay income tax on the interest on the money once its in the bank. Apologies i wasnt very clear at all.

biggles7374

Hi Camicaze

The subject came up whilst I was discussing business dealings with my accountant last year.

Will not go into any more detail than that

Feel free to verify with any accountant, citizens advice or The Revenue

Andy

pumpkin blossom

CaptainMerton, lol, no, not anywhere near.

They were discussing this one radio 2 the other week too. As said, as long as it is your main residence then no.
I can't remember exactly what was said, but they did say that if you move abroad and rent out your house then after xxx years you are liable for tax on the proffit made since you moved out. Might be something for people to think about (and get proper finantial advice about).

camacazi

heard that as well.

if you sell your house in the uk from oz then they tax you 40% of the profit

jellibaby

Does that need a valuation then before we leave the UK to verify the current value? Does it also assume that we would need to sell it at more than the current valuation? Otherwise, how do they know what to expect would be profit. Also - I read a long time ago on here that there is a certain amount of time between leaving the UK for Aussie which is sort of a free period where any transfers of cash are tax free. Can anyone ADVISE? Many thanks.

GinaUK

Utter rubbish!!!! (You'd better get your ears checked!)

Like biggles said: I wish people wouldn't give advice unless they are sure of what they are saying.

Gina

camacazi

heard that from this site!

ianandhelena

i wouldn't rely on advice from this site as a basis for any financial decisions-get an accountant familiar with UK and Australian tax matters eg http://www.gomatilda.com/home.cfm