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Forum: Moving back or to the UK

Feb 16th 2017, 5:56 pm

Replies: 13

US CGT Tax question please

Views: 713

Posted By Pulaski

Re: US CGT Tax question please

Yes, that's UK CGT. I brought it up after someone suggested expatriation and thereby excluding the impact of US taxes/CGT. NB expatriation may trigger a US tax bill.

Forum: Moving back or to the UK

Feb 16th 2017, 3:54 pm

Replies: 13

US CGT Tax question please

Views: 713

Posted By Pulaski

Re: US CGT Tax question please

I think they will be deemed to have lived in the house for all the years they were living overseas, because it was "for work reasons", which is a specific exception to the "if you weren't living in...

Forum: Moving back or to the UK

Feb 16th 2017, 3:05 pm

Replies: 13

US CGT Tax question please

Views: 713

Posted By Pulaski

Re: US CGT Tax question please

So far as I understand the rules, I think that puts them squarely in the exception for "living overseas for work", but given the amount of tax at stake, getting professional advice on that is...

Forum: Moving back or to the UK

Feb 16th 2017, 1:20 pm

Replies: 13

US CGT Tax question please

Views: 713

Posted By Pulaski

Re: US CGT Tax question please

There is a flaw in this plan, and potentially a major one - under UK law you only avoid CGT on your home for the period you lived in it. There are some exceptions, so I would strongly recommend...

Forum: Moving back or to the UK

Feb 16th 2017, 3:33 am

Replies: 13

US CGT Tax question please

Views: 713

Posted By Pulaski

Re: US CGT Tax question please

You've pretty much got it right. .... Live in it for two years, or pay the tax.

Taxes aren't meant to be fair.

Is there some reason why the proceeds of the US home can't be used to buy the...

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