CL09

Further investigation has uncovered a small refinement to my statement above as follows:

"If one is going to be working (in a manner that meets the HMRC conditions) while in the US, then there is a “CGT-free window” in respect of one’s [former] home in the UK if one returns permanently to the UK in years 1 through 8; but, if one is not working in such manner while in the US, then such 'CGT-free window' only arises by virtue of selling one’s UK home before entering the UK as a resident."

Actually, HMRC rule TCGA92/S223 (3) treats certain periods of absence from a residence as periods of residence and sets out the qualifying periods of absence as follows:

Section 223(3)(a): Any periods of absence for whatever reason which do not exceed 3 years in total.

Section 223(3)(b): Any periods of absence of any length throughout which the individual is working in an office or employment all the duties of which are performed outside the United Kingdom.

Therefore my statement should be amended as follows:

"If one is going to be working (in a manner that meets the HMRC conditions) while in the US, then there is a “CGT-free window” in respect of one’s [former] home in the UK if one returns permanently to the UK in years 1 through 8; but, if one is not working in such manner while in the US, then such 'CGT-free window' only arises in years 1 through 3."

Thanks again for all the comments and suggestions -- I now now feel ready to engage an expensive professional for validation and possible fine tuning.

I'll circle back here again with an update if the tax planning consultant highlights anything of significance that we haven't already collectively identified.

nun

Try to get a tax person that is both UK and US qualified. Also don't neglect the rest of your investments, finances and income.