I am an Australian citizen but a resident of the UK. I own a main home in the UK (have worked here the last 20 years) as well as a flat which was my PPR but is now rented. From Mar 07 to Feb 08 my family and I visited Australia and I worked self employed for 3 months. Both properties in the UK were rented out whilst we were away.
I now have to submit tax returns in both Australia and England. I think I might qualify for much reduced resident tax rates in Australia but am worried about the implications on my UK properties if I do so. Overall the income from my UK properties made a rental loss during the year. Can anyone advise me what the UK tax implications might be of me claiming Australia resident tax instead on non resident?
many thanks
Kelly
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