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  • Profile photo of RosettaRosetta
    Participant
    @rosetta
    Join Date: 2019
    Post Count: 5
    February 2, 2019 - 12:37 am

    Lol, I think perhaps my brain capacity is pretty lost as I still cannot get my head round this scenario :)

    Profile photo of RosettaRosetta
    Participant
    @rosetta
    Join Date: 2019
    Post Count: 5
    February 1, 2019 - 11:33 pm

    Hi Terry,

    Thanks for the explanation. My aged brain takes longer to engage nowadays. It will take a bit of working out for me.

    Thanks once again.

    Profile photo of RosettaRosetta
    Participant
    @rosetta
    Join Date: 2019
    Post Count: 5
    February 1, 2019 - 10:44 pm

    Hi Terry,
    Thank you for your kind advice.The first paragraph, although somewhat beyond my comprehension at the moment, sounds like a sound plan.

    I am a little confused by this sentence “There are other strategies to consider such as triggering a CGT event now, and plan to reduce it” Perhaps you could clarify this for me please

    Our PPOR is the most valuable asset which we have.So we plan to update this property, thereby increasing its value, hopefully.

    At present we have a will in Australia, we have no UK assets and my Australian daughter is the executor, but the more I think about it, this may prove too onerous for her.

    My husband says we will be dead so he is not concerned, but I would prefer to try and help the kids to receive as much as possible.

    I obviously need to engage someone as you suggested as we also have a super fund which is not very large, but ut has not been mentioned in the will

    • This reply was modified 5 years, 9 months ago by Profile photo of Rosetta Rosetta.
    Profile photo of RosettaRosetta
    Participant
    @rosetta
    Join Date: 2019
    Post Count: 5
    February 1, 2019 - 1:21 pm

    Dear Terry,

    I had wondered about a trust, but understood that there were great costs involved. On he other hand if it is a solution to the CGT problem, it may be worth looking into further. I will have a chat to our accountant about it. Thank you.
    I am hoping that perhaps someone has some guidance regarding the assets be it either property or proceeds from the sale of properties which our children in the UK will be beneficiaries. I am concerned that there may be tax implications eg either death duties or CGT.
    I have searched the Inland Revenue and many other sites for information to no avail.
    Another thing which we discovered, we were intending to buy a small property in the UK for our own holiday use. At the last minute I discovered that if we own or even rent anything over there as dual citizens British and Australian we would become UK domiciled for tax purposes. Which would mean or world wide assets would come under fire from the Inland Revenue for death duties etc. I asked my accountant and he actually said he had never heard f such a thing and that many of his clients who migrated from the UK had since bought a property back there for the same reason. So we reluctantly decided we could not take the risk. This could be information that may interest others in a similar situation.

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