Capital Gains Tax - has anyone sold their UK home recently
Oct 13th 2019, 10:07 am
#1
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Capital Gains Tax - has anyone sold their UK home recently
We moved to NZ 6 years ago (to the week) and we have rented in NZ so far. We rented out our UK property for the last 6 years but sold it last month as we hated being long distance landlords and we also want to buy here in NZ. I am just doing my tax return. Will we be liable for capital gains tax? We sold the property for £360,000, it still had a mortgage on it, and we will be using the money to buy a house here.
Anyone else recently sold their primary UK residence? Is there a time frame that affects the CGT as we haven't lived in it for last 6 years.
We will be gutted if we get clobbered for a tax bill as we are not well off and will need every penny if we have any hope of getting on the Auckland property ladder.
We are married, and have no other UK income.
Thanks in advance.
Anyone else recently sold their primary UK residence? Is there a time frame that affects the CGT as we haven't lived in it for last 6 years.
We will be gutted if we get clobbered for a tax bill as we are not well off and will need every penny if we have any hope of getting on the Auckland property ladder.
We are married, and have no other UK income.
Thanks in advance.
Oct 14th 2019, 2:00 pm
#2
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Joined: Oct 2019
Posts: 14
Re: Capital Gains Tax - has anyone sold their UK home recently
Not moved to NZ yet, nor sold our house in the UK, and nor am I an accountant, but I started looking at what our liability might be if we sold at some point after our planned move.
I don't know if you might have seen this calculator:
https://www.gov.uk/guidance/capital-...tax-calculator
It will depend of course on how much value the property has gained in that time (which is the taxable part) and what exemptions you might be entitled to. I assume you would have been paying tax on your rental income?
I don't know if you might have seen this calculator:
https://www.gov.uk/guidance/capital-...tax-calculator
It will depend of course on how much value the property has gained in that time (which is the taxable part) and what exemptions you might be entitled to. I assume you would have been paying tax on your rental income?
Oct 15th 2019, 8:37 am
#3
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Posts: 32
Re: Capital Gains Tax - has anyone sold their UK home recently
I'm watching this with interest. We are just about to this week put our house on the market for rentsl/sale. I wanted to rent to bring us an income for a few years but if we are going to have to shell out potentially £35k or more in the long run it's not worth the short term gain.
Oct 15th 2019, 10:10 am
#4
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Location: Narangba QLD
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Re: Capital Gains Tax - has anyone sold their UK home recently
No idea of the current rules in the UK or NZ.
We came to NZ in March 2012 and rented our UK house out for 3.5 years before selling late 2015.
We applied for and were approved to receive all our UK rent free of UK income tax.
We sold without having to pay any capital gains tax or any other tax in the UK or NZ.
There is a reciprocal agreement between the UK and NZ that allows you to be free of income tax / GST or whatever on income earned in the UK and on any funds you bring over for a period of 4 years. We boxed off the sale within that period.
We came to NZ in March 2012 and rented our UK house out for 3.5 years before selling late 2015.
We applied for and were approved to receive all our UK rent free of UK income tax.
We sold without having to pay any capital gains tax or any other tax in the UK or NZ.
There is a reciprocal agreement between the UK and NZ that allows you to be free of income tax / GST or whatever on income earned in the UK and on any funds you bring over for a period of 4 years. We boxed off the sale within that period.
