Hi there.
I'm a British citizen, but permanent resident of Australia. I've been living here in Oz for over 5 years and plan to stay forever.
I have an investment property here in Sydney as well as one back in London.
I've recently heard that the UK tax office are changing the rules meaning that all non UK residents will be liable for capital gains as of April next year (start of financial year).
I'm therefore looking at the option of selling my London property, avoiding capital gains there, and bringing the funds over here to Australia (between $AU 80-150K) where I can invest it into the property market here.
My questions to you are:
What are the things I need to take into consideration when doing this?
What are the tax implications of bringing my money over from abroad? Will it be classes as income, will it be liable for CGT?
Should I keep the money over in the UK and bring it over as and when I need it, or bring it over in one lump sum?
Any thoughts, suggestions and pieces of advice from you to help me make the right decision would be warmly welcome.
Many thanks.
I'm a British citizen, but permanent resident of Australia. I've been living here in Oz for over 5 years and plan to stay forever.
I have an investment property here in Sydney as well as one back in London.
I've recently heard that the UK tax office are changing the rules meaning that all non UK residents will be liable for capital gains as of April next year (start of financial year).
I'm therefore looking at the option of selling my London property, avoiding capital gains there, and bringing the funds over here to Australia (between $AU 80-150K) where I can invest it into the property market here.
My questions to you are:
What are the things I need to take into consideration when doing this?
What are the tax implications of bringing my money over from abroad? Will it be classes as income, will it be liable for CGT?
Should I keep the money over in the UK and bring it over as and when I need it, or bring it over in one lump sum?
Any thoughts, suggestions and pieces of advice from you to help me make the right decision would be warmly welcome.
Many thanks.