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I am a UK citizen, but moved to Australia in Jan 2012, and

Resolved Question:

I am a UK citizen, but moved to Australia in Jan 2012, and have been resident in Australia since (I have not yet been back to the UK).
On Nov 20, 2014 I sold a flat I owned in the UK, which has not been my primary residence since 2005.
If I was living in the UK - I would owe some capital gains on the flat.
But now I am resident in Australia, do I still have to pay capital gains to the UK inland revenue? Or do I simply pay the Australian tax man instead?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

So long as you don't resume UK tax residence within five full tax years of leaving the UK, you won't pay CGT in the UK. Your five year period started on 6 April 2012 and will end on 5 April 2017. After 5 April 2017, you are in the clear and could return to the UK with no tax to pay on the gain. If you resume UK tax residence in the UK at any time up to and including 5 April 2017, you will pay UK CGT on the gain in the tax year of your return to the UK. Take a look here and here for information on UK tax residence.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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