Living in Australia
Disposal of UK Property for UK Non-residents
When you sell your UK residential property you must file a Capital Gains Tax Return within 30 days with HMRC and pay any capital gains tax arising at the time of filing the tax return.
Before the 6th of April 2020 only non-UK residents were required to file a capital gains tax return which was more commonly referred to a Non-Resident CGT return (NRCGT).
Non-UK residents who sell a UK property are required to report the disposal of HMRC within 30 days and pay any capital gains tax arising.
We at GM Tax can assist with the completion of UK CGT and annual UK tax returns. We provide fixed fee quotes for all tax returns.
If you are moving to Australia or already living in Australia or have recently arrived in the UK – and would like a fixed fee proposal from a firm of UK & Australian tax advisors that understands the issues affecting new arrivals to Australia and individuals leaving and arriving the UK please complete our online enquiry via our home page or by calling a GM Tax office close to you.
Once again tax residency is fundamental to determine who has taxing rights over the Australian business profits.
For Sole Traders and Directors a person’s individual residency can affect the residency of the business.
If you are looking to do business in Australia I would recommend that you obtain professional advice to go through your options.
We at GM Tax provide fixed fee quotes for advisory work and tax returns
If you are looking to do business in Australia or have recently done business with Australia – and would like a fixed fee proposal from a firm of Australian tax advisors that understands the issues affecting expats living and doing business overseas please complete our online enquiry via our home page or by calling a GM Tax office closest to you.
GM Tax also offers the following services:
- Tax planning advice and guidance with regards to your residency status in the UK, eligibility for split year treatment and also domicile status in the context of Inheritance Tax (IHT) planning.
- Preparation of UK and Australian tax returns, with all returns submitted to HM Revenue or the ATO electronically where possible.
- Advice on the tax position where a property in the UK is being let while a taxpayer is living overseas.
- Assistance to ensure UK source income of those who are non-residents of the UK is properly taxed and is not taxed twice, or double taxed.
- This last point is particularly relevant to those who have UK source income or capital gains which may also be subject to tax in the country in which the taxpayer is now resident.