CGT on PPR now I have repatriated to Aust

[Nathan]

Hi All,
I purchased a flat in London for 125K in 2001 in both my name and my wife's. We haved moved back to Aust. in Mar 03 and have continued to rent out the flat. I understand it is now worth 170K

I have got some information from this site suggesting there may be a way to avoid CGT if sold in 3yrs?? Other information suggesting I would be liable to CGT here in Aust if the flat was sold??

Can someone possibly clarify my options?

Thanks very much, great site and feedback.

Nathan

[Ian McTernan CTA]

CGT is based in the UK on residence, so no UK tax to pay on the sale. Australian CGT would be due on the sale, you need to seek local advice on this.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com

[expattax]

Nathan,

As the property was bought after 1985 you have a time apportioned Australian capital gains tax laiblity for the period it was not your main residence.

Kind regards

Mark J Hooper
US Enrolled Agent
mark@expattax.org.uk