Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

Selling UK assets - Taxes!?!

Selling UK assets - Taxes!?!

Old Jul 17th 2022, 5:24 am
  #1  
BE Enthusiast
Thread Starter
 
Joined: Jan 2019
Posts: 432
Stumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond reputeStumpylegs has a reputation beyond repute
Default Selling UK assets - Taxes!?!

So I became a PR of Canada late last year.

I have 2 houses I have just sold in the UK (well 1 sold, 1 SSTC) - I understand I have to pay tax on any capital gains made between the date I became a resident and the time of the sale. but want to check a couple of things.

1) House A was valued at £210,000 in the days before I moved, it sold for £220000, which of the following applies:
  • House sold for £10,000 more than its value at the time of the move, capital gains tax payable on £10,000.
  • House value at the time of the move was $361,000 (210 x 1.71) but at the time of the sale I only received $341,000 (220 x 1.55) due to exchange rate change - making a "loss" of $20,000.
  • Current exchange rate/the exchange rate I bring it over with is irrelevant - use the annual exchange rate when it comes to tax assessment time?
Obviously dependant on which situation is correct may alter my approach to when I bring the money across.

2) Can I use losses on the sale of one property to offset the gains on another - 1 house was valued at 210, sold at 220, another valued at 220, but has sold for potentially 200.

3) I'm really wishing here but by any chance if I make a loss (either overall or on one house) I can claim tax relief/credit?
Stumpylegs is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.