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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Capital gains tax on property when you move abroad? |
If you've owned and lived soley in one house in the UK for several years, then move abroad on a work visa for a year (but are still a UK resident) renting (and living in) a property abroad... when you sell the UK property after a year of not living in it, is it subject to capital gains tax? There would be no capital gains tax payable on the sale. The last 36 months of ownership of a property that has at some time been your principal private residence are always exempt from capital gains tax. So, you could rent it out for three years and not pay any capital gains tax. You are also allowed other periods of absence in certain circumstances. For instance, if you have to go abroad because of your employment, that period of absence will be exempt from capital gains tax, no matter how long the period. However, you must actually live in the property afterwards in order to get the exemption. If you have to live elsewhere in the UK because of your employment, the period can only be for a maximum of 4 years. Again, you must actually take up residence in the property afterwards to get the tax exemption. Only if you declare you are n't living there,My parents rent houses and all are in other peoples name for that exact reason! You can own two houses with being charged as long you say you live in them both! just don't say any thing if you rent it privatly no worries! It would only be subject ot CGT if you have never lived in it, if it is your main residence but you are absent for one year, then you do not have to pay CGT. Mortgage Consultant However many houses you own or have lived in, you can declare one as your principal home and you are not liable to tax on it |
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