UK House Sale

Old Feb 16th 2009, 5:33 pm
  #1  
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Default UK House Sale

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.
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Old Feb 16th 2009, 6:21 pm
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Default Re: UK House Sale

The US people may want Capital Gains tax since you're a PR.
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Old Feb 16th 2009, 7:15 pm
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Default Re: UK House Sale

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.
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Old Feb 16th 2009, 8:04 pm
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Default Re: UK House Sale

Originally Posted by lansbury View Post
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.
If it was their Principal Private Residence before they let it out they are allowed to let for 3 years with no CGT.
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Old Feb 16th 2009, 8:06 pm
  #5  
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Default Re: UK House Sale

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.
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Old Feb 16th 2009, 8:58 pm
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Default Re: UK House Sale

Originally Posted by scotia123 View Post
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.
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
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Old Feb 17th 2009, 4:06 am
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Default Re: UK House Sale

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