Hi All just joined and read all your money questions. My situation feels a little different and still I am confused. We have been living in perth for just under 2 years, so we are already tax registered there. We returned to England in june and have now sold our house here and we are returning to Perth in a couple of weeks, does anyone know whether or not we will pay tax on our money from the house (we rented it out when we were living in Oz)?
Second time round and still millions of questions wizzing around!!

Check out

http://www.inlandrevenue.gov.uk/cnr/faqs_capgains.htm


http://www.inlandrevenue.gov.uk/pdfs/ir87.htm#capital[/URL]

http://www.inlandrevenue.gov.uk/pdfs/2002_03/capital_gains/ir283.pdf

This seems to be more of an Aussie tax issue rather than a UK tax issue - I say this as you are probably now tax resident in Australia.

If this is the case you will most likely have a tax exposure based on the difference between the property's value when you moved to Australia and the net sale proceeds.

If you would like to explore this more fully please send me an email. I can then send you a Questionnaire - once I have received it back (duly completed of course!) I can confirm our fees for advising you.

Best regards.

Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Thanks guys, I've checked out the website suggested and it has given me the answers I'm looking for, as I am tax resident in UK at present and only been away for 20 months, I didn't own a property in Oz and this has been my only main residence before leaving and on return to UK.

Are you sure you don't have an exposure to tax in Australia? I ask this as you have lived in Australia for nearly 2 years and may well have become tax resident in Australia from the start of that period - your intentions and visa status will be important issues here.

If you were indeed tax resident for those 2 years my concern would then be whether you have ceased to be tax resident in Australia simply because you have spent a mere 7 months outside Australia ...

Dare I say that there may be merit in taking some formal advice, particularly if the tax at stake is fairly significant.

Best regards.

Alan Collett
alan-at-gomatilda-dot-com
Registered Migration Agent Number 0102534
and a Fellow of the Institute of Chartered Accountants in England and Wales
http://www.gomatilda.com and
http://www.collettandco.co.uk
Offices in Southampton, England; Perth, Australia; and Melbourne, Australia

Thanks Alan, but surely I can't be liable to pay taxes in both countries. We came back to England with intentions to stay, went back to live in our old house (which had been rented out at no profit), went back to work and paid taxes here. It is only this last couple of months we have decided to go back to live there indefinitely.