House Sale Tax
Oct 11th 2005, 1:01 am
#1
Just Joined
Thread Starter
Joined: Sep 2005
Posts: 19
House Sale Tax
If leaving the UK, is there a time window when you are exempt from tax on your house sale?
If left too long, do you have to wait 5 years before any sale is not liable for capital gains tax?
My thinking is, if we go on a 4 year working visa and rent out our house in the UK and then are successful with a permanent visa for Australia, will we get stung with UK capital gains tax if we sell our house to fund a new one in Australia.
Say we wait the 2 years on a working visa before applying for permanent visa and get it and want to sell our house. Anyone done this?
Thanks
Richard.
If left too long, do you have to wait 5 years before any sale is not liable for capital gains tax?
My thinking is, if we go on a 4 year working visa and rent out our house in the UK and then are successful with a permanent visa for Australia, will we get stung with UK capital gains tax if we sell our house to fund a new one in Australia.
Say we wait the 2 years on a working visa before applying for permanent visa and get it and want to sell our house. Anyone done this?
Thanks
Richard.
Oct 11th 2005, 1:54 am
#2
BE Forum Addict
Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: House Sale Tax
I think (but I'm no expert) that as long as you don't buy a second property then your UK house can remain your main residence for Capital Gains purposes (i.e. you don't pay capital gains on its sale).
Oct 11th 2005, 12:44 pm
#3
Retired
Joined: Apr 2004
Posts: 34,649
Re: House Sale Tax
Originally Posted by spottydog
I think (but I'm no expert) that as long as you don't buy a second property then your UK house can remain your main residence for Capital Gains purposes (i.e. you don't pay capital gains on its sale).
Also - you can be tax resident in Australia without being a permanent resident.
The OP probably needs to contact a professional for some detailed advice - an online forum is not the place to do tax planning.
Jeremy
