UK Tax
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Answered in 26 minutes by:
11/18/2012
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
VerifiedHi.
I'm afraid that you cannot roll over the gain on the Australian property into the purchase of another property. This can only be done with business assets where both the disposal and the purchase are of business assets. Holiday lets are treated as business assets but not property let as an ordinary residential property.
If you ever lived in the property in Australia, you will be entitled to a deduction from the gain depending on the amount of time you lived there and the total period of ownership. If it was let as well as having been your main home, you will be entitled to letting relief. Take a look at HS283 for information on CGT and the main residence.
Let me know if you have any more questions or need clarification of any part of my answer.
I'm afraid that you cannot roll over the gain on the Australian property into the purchase of another property. This can only be done with business assets where both the disposal and the purchase are of business assets. Holiday lets are treated as business assets but not property let as an ordinary residential property.
If you ever lived in the property in Australia, you will be entitled to a deduction from the gain depending on the amount of time you lived there and the total period of ownership. If it was let as well as having been your main home, you will be entitled to letting relief. Take a look at HS283 for information on CGT and the main residence.
Let me know if you have any more questions or need clarification of any part of my answer.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 16,712
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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