I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Thank you, ***** ***** principle the same for property I buy (and sell) in the usa and/or uk. As you say my primary residence will be the UK house but I want to buy one in the USA, will I only pay capital gains once on another property regardless of where it is.
Thank you for your reply.Your property in the UK would be your principal private residence for capital gains tax purposes. Any gain you make from sale of it would be covered by private residence relief provided it remains your main residence.The property you buy in the US would be a second home for CGT purposes unless you make that one your main residence once you move over. In that case, the UK property will lose that privelge as you can only have one main residence at any one time.Any gain made from sale of second home would attract CGT. You claim your gains allowance against it and the balance is taxed at 18%, 28% or a combinaton of two depending on your total income in the year the sale takes place.I hope this is helpful and answers your question.
I suspect I may be domicile here but not ordinarily resident. I work full time in the US with 3 or 4 visits a year to UK which may take me over 91 days. Does that affect any of your advice. I am happy to remain a UK taxpayer, not really keen on being a US taxpayer. Is there anything I need to be aware of.