Sold only home in UK - liable to CGT in USA or UK?
Jun 24th 2011, 1:24 am
#16
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Re: Sold only home in UK - liable to CGT in USA or UK?
Yes, I kind of took that bit for granted as referring to HMRC and UK tax laws.
It won't make any difference whether you employer is from the US or the UK. As long as it was your primary residence prior to the 3 years before you sold, you're in the clear in the UK.
Unfortunately, I don't know anything about US tax law, so hopefully someone else can come along and provide the answer for that side of things.
My hunch is that there would be a similar exemption for primary residence, although the period in which you would have had to have last lived in it and for how long are likely to be different. So this is perhaps the first thing you want to investigate.
It won't make any difference whether you employer is from the US or the UK. As long as it was your primary residence prior to the 3 years before you sold, you're in the clear in the UK.
Unfortunately, I don't know anything about US tax law, so hopefully someone else can come along and provide the answer for that side of things.
My hunch is that there would be a similar exemption for primary residence, although the period in which you would have had to have last lived in it and for how long are likely to be different. So this is perhaps the first thing you want to investigate.
