Australian resident selling UK property

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  • Gordon999
    replied
    Your husband should be registered with HMRC as a "non-resident landlord" and submitting an annual tax reurn on the profit arising from the letting income. He should be able to claim a personal allowance and so probably has no UK tax to pay but he may be required to pay to Oz tax office.

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  • TaxationPete
    replied
    You are not UK resident so UK CGT does not apply. However you will be liable for tax in Australia of the disposal of a world wide asset. You will need to estatblish the open market value at the DOD. This may be the probate value. Depending where the property is there may in fact be no gain in vlaue over the 3 years. Regards Peter

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  • JK0
    replied
    That would only be required if you had owned the house for donkey's years, and it had gone up in value a great deal. (Probably HMRC would see through that particular ruse anyway.)

    You don't pay CGT on the last three years of ownership, so I think you should be okay.

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  • Min
    started a topic Australian resident selling UK property

    Australian resident selling UK property

    My husband has a property in the UK ( we live in Australia) that belonged to his mother until she passed away nearly 3 years ago. The property is presently tenanted. We are considering selling the property in the next 12 months because it is becoming difficult to manage from overseas. However we have been told by a family member that we will need to reside in the house for at least 3 months for tax reasons ( CGT ?...not sure). We are not experienced in owning property beyond our own home, so would appreciate it if someone could shed some light on this for us- especially in regards to tax and legal implications. Thankyou

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  • Reply to Is it an allowable expense or capital expense
    by AndrewDod
    Can't see any reason this would be an insured event. Agree it is not a capital expense at all....
    25-05-2022, 09:25 AM
  • Is it an allowable expense or capital expense
    by shipboard
    I rent out a single property, during the winter storms the brickwork was damaged and the cheapest option to repair it was to render the Gable end and rear of the property. I tried to claim on the insurance but they maintained it was due to wear and tear, I am of course disputing this. My question is...
    24-05-2022, 10:04 AM
  • Reply to Is it an allowable expense or capital expense
    by Another Fine Mess
    If you dont mind me suggesting, If your Insurance Company is rejecting your claim you could get in touch with a Chartered Loss Assessor who would argue with the Insurance Company Loss Adjuster, its worth a phone call to one.
    24-05-2022, 16:30 PM
  • Reply to Is it an allowable expense or capital expense
    by gnvqsos
    I think the insurance company were right-the render must have been distressed to suffer storm damage. You can offset cost against income.
    24-05-2022, 14:36 PM
  • Reply to CGT query
    by Gordon999
    Hmrc rules allow transfers between spouses without cgt. The recipient spouse takes on the asset at the original purchase price.
    24-05-2022, 11:16 AM
  • Reply to Is it an allowable expense or capital expense
    by Gordon999
    I agree with jpk : it is a maintenance expense which is claimed against rental income....
    24-05-2022, 11:12 AM
  • Reply to Is it an allowable expense or capital expense
    by jpkeates
    I'd say that's a maintenance cost and would be allowed against income.
    It would affect the value of the property, but only to restore it to the level that it was at prior to the damage (plus the general positive effect of any large maintenance work).
    24-05-2022, 10:53 AM
  • CGT query
    by vik238754
    Hello. Since 2013 my wife and I own a property as tenants in common where the beneficial interest split is 90% her and 10% me. We are now looking to sell the property. I have a large CGT loss and using the HMRC CGT calculator I have calculated that if I change the split to 70% me and 30% my wife...
    23-05-2022, 19:37 PM
  • Reply to CGT query
    by jpkeates
    What you are planning to do is routine and HMRC will accept the change as a matter of routine admin.
    24-05-2022, 09:13 AM
  • Any property tax experts you can recommend please?
    by mpppen
    Hello,
    We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

    I'd really like to find someone who can advise us of the best way of either bringing the personal...
    03-03-2022, 20:00 PM
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