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Moving back to the UK, property and tax advice/direction needed

Moving back to the UK, property and tax advice/direction needed

Old Apr 18th 2017, 9:56 pm
  #1  
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Default Moving back to the UK, property and tax advice/direction needed

Ive been in Canada coming up to five years.
Im looking to move back after citizenship which should be a year or so. This is so there is a option of coming back at least.

My issue is I have a flat (condo) here and property prices have gone down due to the recession here (Alberta). I don't want to sell at a loss.

I wondered if anyone know of the different options of renting it out/selling after a few years as a non resident and the tax implications/options?
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Old Apr 18th 2017, 10:32 pm
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Default Re: Moving back to the UK, property and tax advice/direction needed

On sale of the condo you will incur a liability for Capital Gains Tax. I think that will be in both the UK and Canada. But you will be able to set one off against the other (so for example, if the tax in Canada was £600, and the tax in UK £500, you'd only end up paying £600 in total).

The income from the rental will be taxed in the UK.

But, are you sure it is a good idea not to sell now? Alberta's recession might continue for a long time because the tar sands industry is in big trouble. And just now the pound is very low, meaning the proceeds from the sale of your property will convert into more £££ for a purchase in the UK.
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Old Apr 19th 2017, 5:23 am
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Default Re: Moving back to the UK, property and tax advice/direction needed

Thanks for the information.

Im waiting on my citizenship. Im going to travel home to the UK this summer to see my parents and siblings and to get a feel. Its a big decision. Im not fully 100%. But I want to have some sort of plan and get some idea of how I would do this.

I don't want to sell yet, it would be at a loss. So having rental income would offset some losses as I would build some equity.

The economy here is picking up.. albeit slowly. So Im happy to play the long game on this.

I would be interested to hear of other stories from anyone else who has done something similar.
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