jonjoemily@gmail.com Posted July 2, 2019 Share Posted July 2, 2019 Hi there, We have been in Australia now for 12 years, have citizenship and we now are thinking about selling our house in the UK, which we currently rent out. We are looking to buy here in Australia. We've done quite a bit of research, but we have no idea of how much Capital Gains Tax we would have to pay on it and whether or not it would be worth selling it and maybe just keeping it as an investment. Any hints and tips would be appreciated or anyone knows of a good adviser that would be helpful. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted July 2, 2019 Share Posted July 2, 2019 Yes, you will be liable for capital gains in Australia. I don't know what the rules are for UK capital gains, sorry. You will definitely need a good tax agent to work it out, as there could be a heap of pro rata calculations to do. Since you haven't bought a new home, your UK home can be classed as your "primary residence" for the first six years, which will reduce your capital gains liability. But then you have to add back in expenses you've already claimed etc, so it's all a bit head-spinning. Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted July 2, 2019 Share Posted July 2, 2019 @Alan Collett may be your man for this one. 1 Quote Link to comment Share on other sites More sharing options...
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