Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.
Key question, when you left the UK for Oz did you complete a Form P85 and send it to your tax office?
Well just to make sure, belt and braces, complete a P85 and send it in. There is no time limit as to its submission, it is available on the web and can be filed on line.
You will be liable to UK Capital Gains Tax (CGT) on the sale of your Guernsey residence, but only from an April 2015 valuation. However, as it is your sole or main domestic, Residence Private Residence Relief (PRR) will apply which relieves the tax at 100%. However, unless you have occupied this property for a minimum of 90 days in each tax year from the 15/16 year, the liability may still arise. Guernsey amended its tax law to correspond with the UK's in this matter.
I do hope that I have been able to set your mind at rest on this matter.
Thank you for your support.