scotia123

Anyone been in my position before and got any advice please.

I am now a PR of the USA and have been renting out my mortgage free house in the UK since June 2007. I now want to sell the property and use the money from the sale to pay off the mortgage on my house here in the USA. I am not too sure what taxes I will be subject to on the money from the sale of the house by the UK Tax people.

meauxna

The US people may want Capital Gains tax since you're a PR.

lansbury

If it isn't your primary residence will you not get stung for UK capital gains tax on the difference between the buying and selling price.

Some research on the UK HMCE web site might answer the question.

Cape Blue

If it was their Principal Private Residence before they let it out they are allowed to let for 3 years with no CGT.

scotia123

Thanks for that info.....up until I came over here it had been my principal and only home. It has now been let for nearly 2yrs, so I guess selling before the 3yrs are up so as not to have to pay CGT is a good idea.

Cape Blue

These three articles are all worth a read, shows that even after the three years there are quite a few deductions you can apply.

http://news.bbc.co.uk/1/hi/business/7132838.stm

http://news.bbc.co.uk/1/hi/programme...ch/4864868.stm

http://news.bbc.co.uk/1/hi/business/7560937.stm

scotia123

Those articles were very interesting thank you. They shed a lot of light on a subject I have been quite concerned about.