Guest pitrat

Moving with house not sold

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    Guest pitrat

    Hi all, has anyoner moved without selling there house in the UK, If it sells and you are over there and you transfer the money across do you have to pay any premium taxes on this money? waiting to see a UK advisor but just thought someone may have had the same predicament!

     

    Steve

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    You can transfer your money when ever you like and there is no tax to pay. If you left your money in the UK for years and then transferred at a rate higher than the one available when you moved over then you would have to pay tax on any gain. There might also be capital gains tax to pay on any profit made on the sale of the house, but not if you sold it shortly after moving as it would still be classed as your main property. Your advisor should be able to give you the detail of what you would have to pay and when.

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    Hi - Nic is right. In UK as in Australia you never pay tax on your home sale. So long as it was your home. Not to say you won't get an enquiry from the ATO when they detect the money arriving but you will be able to show it was from a house sale. If you get interest on the money or a gain from the exchange rate chaninging then there may be a tax liability here though.

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