UK house purchase, before leaving Australia or on arrival?
#1
UK house purchase, before leaving Australia or on arrival?
So.. after 18 years in Australia.. a return to the UK is on the cards for family reasons.
We own property here in Australia, but nothing in the UK.
Our loose plan is to buy a UK house before leaving Australia, then selling our Aussie home before travelling in Asia for a short time and then on to our waiting UK house.
The question: does anyone know if we are opening ourselves up to UK tax liabilities on the sale of our Australian home based on that plan ?
Thanks !
We own property here in Australia, but nothing in the UK.
Our loose plan is to buy a UK house before leaving Australia, then selling our Aussie home before travelling in Asia for a short time and then on to our waiting UK house.
The question: does anyone know if we are opening ourselves up to UK tax liabilities on the sale of our Australian home based on that plan ?
Thanks !
#2
Re: UK house purchase, before leaving Australia or on arrival?
Tax liabilities aside I would not recommend buying before you return unless you have a very comprehensive understanding of the property market and areas where you intend to buy.
Do you plan on returning to the UK to view properties before buying? If not, I suggest you do. I did this over a period of about 3 Summers and, looking back, it made a big difference in choosing the right property.
Buying houses in UK is also very expensive, so it would be costly to make a mistake and then have to sell/buy another after you return.
Do you plan on returning to the UK to view properties before buying? If not, I suggest you do. I did this over a period of about 3 Summers and, looking back, it made a big difference in choosing the right property.
Buying houses in UK is also very expensive, so it would be costly to make a mistake and then have to sell/buy another after you return.
#3
Re: UK house purchase, before leaving Australia or on arrival?
So.. after 18 years in Australia.. a return to the UK is on the cards for family reasons.
We own property here in Australia, but nothing in the UK.
Our loose plan is to buy a UK house before leaving Australia, then selling our Aussie home before travelling in Asia for a short time and then on to our waiting UK house.
The question: does anyone know if we are opening ourselves up to UK tax liabilities on the sale of our Australian home based on that plan ?
Thanks !
We own property here in Australia, but nothing in the UK.
Our loose plan is to buy a UK house before leaving Australia, then selling our Aussie home before travelling in Asia for a short time and then on to our waiting UK house.
The question: does anyone know if we are opening ourselves up to UK tax liabilities on the sale of our Australian home based on that plan ?
Thanks !
Like the previous poster mentioned, the logistics of purchasing a property after 18 years away and before moving back would appear to be the bigger challenge.
#4
Re: UK house purchase, before leaving Australia or on arrival?
So.. after 18 years in Australia.. a return to the UK is on the cards for family reasons.
We own property here in Australia, but nothing in the UK.
Our loose plan is to buy a UK house before leaving Australia, then selling our Aussie home before travelling in Asia for a short time and then on to our waiting UK house.
The question: does anyone know if we are opening ourselves up to UK tax liabilities on the sale of our Australian home based on that plan ?
Thanks !
We own property here in Australia, but nothing in the UK.
Our loose plan is to buy a UK house before leaving Australia, then selling our Aussie home before travelling in Asia for a short time and then on to our waiting UK house.
The question: does anyone know if we are opening ourselves up to UK tax liabilities on the sale of our Australian home based on that plan ?
Thanks !
#5
Re: UK house purchase, before leaving Australia or on arrival?
Thanks for replies.. we already know what areas we want to buy in, we have visited quite a few times over the years since leaving as there is family still living in those areas.
We would be cash buyers, and understand the property purchased might not be ideal and that we might have to move again after a couple years.
We're trying to avoid staying with family whilst looking for a home, we're very independent. I just don't want to discover a tax liability as a result !.
Thanks again for replies.
We would be cash buyers, and understand the property purchased might not be ideal and that we might have to move again after a couple years.
We're trying to avoid staying with family whilst looking for a home, we're very independent. I just don't want to discover a tax liability as a result !.
Thanks again for replies.
#6
Re: UK house purchase, before leaving Australia or on arrival?
Thanks for replies.. we already know what areas we want to buy in, we have visited quite a few times over the years since leaving as there is family still living in those areas.
We would be cash buyers, and understand the property purchased might not be ideal and that we might have to move again after a couple years.
We're trying to avoid staying with family whilst looking for a home, we're very independent. I just don't want to discover a tax liability as a result !.
Thanks again for replies.
We would be cash buyers, and understand the property purchased might not be ideal and that we might have to move again after a couple years.
We're trying to avoid staying with family whilst looking for a home, we're very independent. I just don't want to discover a tax liability as a result !.
Thanks again for replies.
#7
BE Enthusiast
Joined: Jun 2015
Location: France
Posts: 864
Re: UK house purchase, before leaving Australia or on arrival?
Presumably you'll have to pay the new higher stamp duty when you buy the UK property if, at the time of purchase, you still own your main residence (whether it's in the UK or abroad).
On a £300,000 house, for example, that would mean you pay £14,000 in stamp duty rather than £5,000.
I think if you sell your previous main residence (i.e. your Australian property) within 18 months as from the date you purchase the new one, you can claim a refund of the difference (i.e. £9,000 in the above example).
On a £300,000 house, for example, that would mean you pay £14,000 in stamp duty rather than £5,000.
I think if you sell your previous main residence (i.e. your Australian property) within 18 months as from the date you purchase the new one, you can claim a refund of the difference (i.e. £9,000 in the above example).
#8
Re: UK house purchase, before leaving Australia or on arrival?
Presumably you'll have to pay the new higher stamp duty when you buy the UK property if, at the time of purchase, you still own your main residence (whether it's in the UK or abroad).
On a £300,000 house, for example, that would mean you pay £14,000 in stamp duty rather than £5,000.
I think if you sell your previous main residence (i.e. your Australian property) within 18 months as from the date you purchase the new one, you can claim a refund of the difference (i.e. £9,000 in the above example).
On a £300,000 house, for example, that would mean you pay £14,000 in stamp duty rather than £5,000.
I think if you sell your previous main residence (i.e. your Australian property) within 18 months as from the date you purchase the new one, you can claim a refund of the difference (i.e. £9,000 in the above example).
#9
Re: UK house purchase, before leaving Australia or on arrival?
Thanks again for replies.. the stamp duty point from Helen1964 is an interesting one which I shall investigate, thanks !.
#10
Re: UK house purchase, before leaving Australia or on arrival?
You might find this article helpful:I need advice on the new stamp duty rates for second homes | Money | The Guardian