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Where Taxpayers and Advisers Meet

Moving to Canada in 2019

skm
Posts: 1
Joined: Sun Dec 16, 2018 4:07 am

Moving to Canada in 2019

Postby skm » Sun Dec 16, 2018 4:46 am

We have a primary residence property in the UK. I have the following questions re.. CGT.
1) will i incur CGT if I sell the property and then move to Canada?
2) will I incur CGT if I sell the property at a later time i.e. in couple of years time ( 1 or 2 or 3 or more years ) after moving to Canada?

Thank you.

bd6759
Posts: 3106
Joined: Sat Feb 01, 2014 3:26 pm

Re: Moving to Canada in 2019

Postby bd6759 » Sun Dec 16, 2018 12:26 pm

1. No

2. Yes, but it should be some time before the gain is significant enough for an actual tax charge to materialise. The property is exempt for the period in which it was your residence. You don't lose that exemption. Any gain you do make will be time apportioned with the exempt portion being (period of residence)/(period of ownership).


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