Capital gains tax

Old Jun 27th 2021, 1:39 pm
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Default Capital gains tax

Question......will I have to pay capital gains tax if I sell my house in Canada and return to. UK,,..........HELP
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Old Jun 27th 2021, 1:47 pm
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Default Re: Capital gains tax

Originally Posted by joleah
Question......will I have to pay capital gains tax if I sell my house in Canada and return to. UK,,..........HELP
As per your previous thread (Need lots of advice) more info is needed - when will you be selling?
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Old Jun 27th 2021, 1:49 pm
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Default Re: Capital gains tax

House going on market March 2022 hoping to leave Canada in June 2022
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Old Jun 27th 2021, 2:15 pm
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Default Re: Capital gains tax

Originally Posted by joleah
House going on market March 2022 hoping to leave Canada in June 2022
Will you leave Canada if your house has not sold?
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Old Jun 28th 2021, 10:01 am
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Default Re: Capital gains tax

Originally Posted by durham_lad
Will you leave Canada if your house has not sold?
We are retired so can wait till house does sell we can take our time get best dollar value and then move
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Old Jun 28th 2021, 1:42 pm
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Default Re: Capital gains tax

Originally Posted by joleah
We are retired so can wait till house does sell we can take our time get best dollar value and then move

If you complete the sale before moving then no capital gains taxes to worry about from a UK perspective.
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Old Apr 27th 2022, 1:24 pm
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Default Re: Capital gains tax

Durham lad - surely if the home you’re selling is your main home then it’s UK CGT exempt?
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Old Apr 27th 2022, 2:11 pm
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Default Re: Capital gains tax

Originally Posted by MrFlibble
Durham lad - surely if the home you’re selling is your main home then it’s UK CGT exempt?

You are almost certainly correct but I don’t know for certain, but since OP has the option of completing the sale before returning he will be sure there are no tax or reporting requirements for selling a foreign property while being resident in the UK.

https://www.gov.uk/tax-sell-property/selling-overseas-property


Selling overseas property

You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.


Last edited by durham_lad; Apr 27th 2022 at 2:14 pm.
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Old Apr 27th 2022, 7:04 pm
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Default Re: Capital gains tax

I found this useful.


https://www.aesinternational.com/blo...-tax-in-the-uk

Under UK law, if you meet the conditions for private residence relief (PRR), you don’t have to pay capital gains tax as long as it’s your main home you’re selling.

Both non-residents selling UK residential property and UK residents selling residential property abroad may still be able to get this relief as a non-UK resident if they meet new qualifying conditions.

For example, you can apply PRR to a property you’re selling as long as you’ve lived in it for 90 days or more over the UK tax year in question.

For those who own more than one property in a country, the 90 days can be split between properties.

If you’re a UK resident you can apply the relief to any property you own overseas as long as you spend 90 days in it.

For expats, if you live outside the UK but spend 90+ days in your UK property, you can nominate this to be your principal residence and get PRR.
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