I am a dual UK/Australian resident and own a property in the UK. I left the UK in 2001 and the property has been rented since then.
I have been advised I would not be subject to UK CGT tax when I sell it provided I remain UK non-resident for 5 years.
Would I however be subject to Australian CGT on foreign income? It has been suggested that I can claim the UK property to be my main residence for up to 6 years after leaving the UK, and therefore would not have any Australian CGT liability.
Look forward to any helpful suggestions…
You possibly could claim it as your PPOR, but only if you have not claimed any other property as your PPOR at the same time. Otherwise, you probably would be up for CGT.
Better run this one by your accountant.
Terryw
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