Hello,
I recently inherited a rental property back home in California. I'm a US citizen with Indefinite Right to Remain here in the UK. So I'm a resident of the UK but not yet a citizen.
I want to sell the house and invest the money in either property or another business here in the UK.
I also want to minimise the amount of taxes I pay. In California, you can do a 1031 exchange and invest the profit made from a home sale into another property and thus avoid paying CGT. Would the same be true if I buy property in the UK? Also, would I pay any kind of UK tax on the money made from the sale of the house?
I'm really lost with how this will play out!
Any thoughts would be appreciated.
Cheers,
Dave
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