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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4886
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am a UK national and moved to Australia just over two years

Resolved Question:

I am a UK national and moved to Australia just over two years ago. I still own my house in the UK, which I purchased 23 years ago, and which i lived in continuously up until I left the Uk in October 2013. If I sell it, what are my capital gains tax liabilities, and do they change aftre three years of not living in the house?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question. Please clarify for me.. is it your intention to come back to the UK and relive in that property or have you moved out to Australia for good.Have you let the propertysince moving to Australia?The rules on CGT on residential property have changed if you are a non-resident of UK for tax purposes.Once I have your response, I will let you know your CGT liabilities. Do you know what the likely gain is on sale? Many thanks
Customer: replied 1 year ago.
Thanks for your answer. My intention is to move to Australia for good. The property has been let since I left in October 2013. I originally purchased the house in 1993 for £84,500. Its current value is c. £375,000.Chris
Expert:  taxadvisor.uk replied 1 year ago.
Chris, thank you for your reply.As it is your intention to move to Australia for good, you are treated as non-resident for tax purposes and there is a change to CGT for non-residents from 6 Apr 2015. This is fully explained in the guide herehttp://.https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-lossUnder old rules -As it was your main residence before you left for Australia, this period would be available for private residence relief. Final 18 months of ownership would also qualify for relief.Additionally, you would be entitled to letting relief to a maximum of £40,000. These are covered in HS283 herehttps://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-reliefIf you opt for working out the gain over the whole period, it is very likely you would escape CGT as your gain would be covered by private residence relief and letting relief. 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.
Expert:  taxadvisor.uk replied 1 year ago.
The links arenon-residentshttps://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss HS283https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief Many thanks
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4886
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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