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Old 28th December 2012, 06:01 AM
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Default Hi, I am new here 2....

Hi all,

I've been expat for 7 years and am searching for tax information regarding selling property in the UK and transferring to funds to Aus.

There must be a smart way to transfer sums of money without getting hit too hard by the Inland Revenue and the ATO so hopefully there will be some advice within this substantial forum.....

Many thanks in advance for any information I glean from you!

Cheers,

Ross

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Old 8th January 2013, 06:35 PM
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Old 8th January 2013, 08:46 PM
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I'm in Australia...

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Old 9th January 2013, 01:02 AM
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Quote:
Originally Posted by rossh36
I'm in Australia...
The UK and Australia have a 'double taxation' agreement meaning you won't pay tax twice. Regarding the property you are selling in the UK; was it your main home, a rental (investment) property or what?

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Old 9th January 2013, 02:12 AM
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Quote:
Originally Posted by john-jigsaw View Post
The UK and Australia have a 'double taxation' agreement meaning you won't pay tax twice. Regarding the property you are selling in the UK; was it your main home, a rental (investment) property or what?
It was our main home. We will be liable for CGT in the UK and I understand the ATO would then tax whatever we bring in to Australia under a 'global income' approach. We've previously been taxed twice on our UK rental income in the UK and in Aus as we have to declare our 'foreign' earnings.

Some other research has found that we may be entitled to some discounts and this needs to be confirmed. We've been aware of the double taxation agreement but so far, I've not been able to find an accountant who really does know what he is talking about regarding the UK/ AU agreement.

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Old 9th January 2013, 02:45 AM
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Quote:
Originally Posted by rossh36

It was our main home. We will be liable for CGT in the UK and I understand the ATO would then tax whatever we bring in to Australia under a 'global income' approach. We've previously been taxed twice on our UK rental income in the UK and in Aus as we have to declare our 'foreign' earnings.

Some other research has found that we may be entitled to some discounts and this needs to be confirmed. We've been aware of the double taxation agreement but so far, I've not been able to find an accountant who really does know what he is talking about regarding the UK/ AU agreement.
I'm struggling to understand why you'd be subject to CGT if the property you are selling was your main home. Under UK rules if you lived in the main home for 3 years or more then any profit from it should be tax free. If I was you I would contact the UK tax people. They are called HMRC. Google them and search for a helpline number to call if you're in the UK otherwise write to them. If you sell the property and the proceeds are paid into a UK bank account then once you have cleared with HMRC the rules then gradually move the money to Australia. You should not have to pay tax twice. If you are it's not correct. The UK/Australia tax agreement does not wish this to happen and shouldn't happen.

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Old 9th January 2013, 05:44 AM
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Thanks; I'll call HMRC and update this thread when I know more.
Cheers...

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