Hi,my house is worth approx £225,000 with minimal mortgage left.
Does anyone have views on the best thing to do?
If i remortgage for approx £80,000 & rent house out. What happens say
after 3 years when we get citizenship, decide to stay in oz & sell the
house for £250,000 (increase of £25,000). Do i pay tax on the extra
£25k only & at what rate.
do i declare the total income 9as will be working in oz) & have to pay
tax on the whole amount?
could we leave oz, come back home for a few months, then sell the house
& move back to oz, would we still pay tax?

Also there would hopefully be extra funds of say £5k from the rent,
presumably this would be taxed as well.

Can i purchase a house over there whilst i still have a property over
here being rented out?
Thanks

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Posted via Usenet

> Hi,my house is worth approx £225,000 with minimal mortgage left.
> Does anyone have views on the best thing to do?
> If i remortgage for approx £80,000 & rent house out. What happens say
> after 3 years when we get citizenship, decide to stay in oz & sell the
> house for £250,000 (increase of £25,000). Do i pay tax on the extra
> £25k only & at what rate.
> do i declare the total income 9as will be working in oz) & have to pay
> tax on the whole amount?
> could we leave oz, come back home for a few months, then sell the
> house & move back to oz, would we still pay tax?
>
> Also there would hopefully be extra funds of say £5k from the rent,
> presumably this would be taxed as well.
>
> Can i purchase a house over there whilst i still have a property over
> here being rented out?
> Thanks

Hi,

I am in almost the same position and taking same amount of money. I
phoned overseas tax depatment as my husband is British Forces and we
live in Germany. The tax office stated that if you have been living out
of the country for 5 years and sell your property whilst out of country
then you will not incur any tax. This is tempting need to get it in
writing though!!!

I do not have the telephone number here but will get it for you
from work.

Cheryl

--
Posted via Usenet

> Hi,my house is worth approx £225,000 with minimal mortgage left.
> Does anyone have views on the best thing to do?
> If i remortgage for approx £80,000 & rent house out. What happens say
> after 3 years when we get citizenship, decide to stay in oz & sell the
> house for £250,000 (increase of £25,000). Do i pay tax on the extra
> £25k only & at what rate.
> do i declare the total income 9as will be working in oz) & have to pay
> tax on the whole amount?
> could we leave oz, come back home for a few months, then sell the
> house & move back to oz, would we still pay tax?
>
> Also there would hopefully be extra funds of say £5k from the rent,
> presumably this would be taxed as well.
>
> Can i purchase a house over there whilst i still have a property over
> here being rented out?
> Thanks

Hi,

I am in almost the same position and taking same amount of money. I
phoned overseas tax depatment as my husband is British Forces and we
live in Germany. The tax office stated that if you have been living out
of the country for 5 years and sell your property whilst out of country
then you will not incur any tax. This is tempting need to get it in
writing though!!!

I do not have the telephone number here but will get it for you
from work.

Cheryl

--
Posted via Usenet