Property Tax for ex UK Residents

[gotlisch]

Hi there,

I was a permanent resident in the UK for 10 years and currently own a property in the UK, which was my primary place of residence while I live in the UK. I've since migrated to Australia and have been renting for the last 4-5 years but recently purchased a property here (again to live in).

I wanted to understand what the tax implications are for me once I sell my UK property, CGT, etc.

Thanks in advance!

Cheers,
Paul

[SteLacca]

You'll pay CGT on the increase in value since April 2015 after deducting costs of sale. You will need to complete an NRCGT Return and pay the CGT within 30 days of conveyance.

[gotlisch]

Thanks for your reply, that online with what I expected. Just out of interest, if the property has lost value since 2015 (which is quite possible) is there any implications/tax deductions that can be made. Also, what about money that I invested into the property renovating it, cost of purchase etc?

Cheers,
Paul