I am UK/AUS citizen (UK born) and have been resident in Australia since July 2002. I am planning to return to the UK permanently in 2015 and would like some guidance:
I purchased a house in the UK in May 2010 for 300k with the intention of it becoming my future home. The house is spit into a lower ground floor flat (about 1/3 total floor space) and main house (remaining 2/3 floor space), it is a single freehold.
The house and flat have been rented out separately since August 2010 (with a few short gaps in tenancies), I have never lived in either. I pay tax on the rental income in Australia and file a self assessment each year with HMRC UK. I don't own any other property except for some vacant land in Australia.
I am considering returning to the UK and selling the house in late 2015 or 2016 after making some small improvements. I plan to move into the lower ground floor flat and continue to rent out the main part of the house until I put it onto the market.
My questions are:
1/Should I return to the UK and become resident before or after April 6th 2015 to minimise CGT liabilities or deosn't it matter?
2/Once I become UK resident can I claim an exemption from CGT as a non-resident property owner for any gains made up to April 5th 2015 assuming I remain non-resident until that time?
3/What CGT would be payable if the property were to sell for example in November 2015 for 400k assuming I move into the flat after April 6th 2015 and continue to rent out the main part of the house until completion?
4/Does owning vacant land in Australia have any bearing on the situation? (I am planning to sell this also and will pay CGT at the time of sale)
Thankyou in advance for any advice or suggestions you can provide.