Firstly, great to have found this forum!!
Have been in SA for a bit over 3 years now. Staying with relatives.
Just sold our house in London.... for a good profit.. and starting to realise just how complicated the CGT issue is!!
Am assuming no tax to pay in the UK as we live here for tax purposes..
As I understand it, to calculate the CGT, I'll have to get a retrospect valuation from the day I moved to Oz..
Then take 50% off.
Then divide by 2 because we are joint owners.
Then subtract the improvements and the costs of selling.
And hopefully subtract our costs of going over there to get it ready to sell, flights, hotels etc.
was in a bit of a state after being rented out for 3 years.
Am I on the right track???
My big question is.... I heard somewhere, seeing that I haven't bought another home,
then I can class the place I was renting out in London as my home or residence or whatever, thus making it not liable for CGT.
Is this total balls???