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Senior Partner
Senior Partner, Solicitor
Category: Law
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Experience:  Solicitor with more than 30 years experience
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I live in Australia now (for past 9 years) but still own a

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I live in Australia now (for past 9 years) but still own a property in UK that is rented out - no mortgage. I am considering selling it, but I am told will have to pay capital gains tax here in Australia for any profit made. Property was worth 230,000 approx. when we left UK and is now worth 350,000+. Profit will be 120,000+. House is in joint names with my wife, so we will both be liable. We rented a property here for approx. one year before buying the one we are now in. Should capital gains be worked out from the date we owned property here or is it taken from the time we left UK? Is there any other UK tax payable? Is there any way to reduce this tax?
there are currently no taxes payable here by non residents on the sale of a property and you will not be liable to UK capital gains tax. I can't comment on what the position is in Australia.
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