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[Jonnyram]

I plan to sell my house in the UK and put the cash towards buying a house in Japan.
Are there any tax implications or is it safe to just go ahead without worrying about the tax office?

 

[mrklaw]

good question. I'll ask my boss who knows all that stuff.

If its your primary residence then you can sell it without being liable for capital gains tax.

But I'm not sure if 'primary' means you live there, or its just your first property. And taking the money out of the UK might be an issue.

Do you pay any tax in the UK? NI contributions or anything else for pension stuff? Might affect it.

 

[Jonnyram]

No, I don't pay any tax in the UK and haven't for the past five years. I think I was supposed to officially submit some papers saying I was moving out of the country, but I was ignorant and never tried to find out if I needed to do anything like that at the time.

Knowing my luck, I'll try to sell my house and end up in prison or something...

 

[mrklaw]

OK, basically you can sell your primary private residence and not pay any tax.

Definition of private, primary residence is one that you have lived in sometime during the last three years.

Alternatively, if someone related to you is living there, you may be able to write a letter stating that the house is owned by you, but is *their* private primary residence, and you may therefore be able to sell it again with no tax liability.

For best advice you'll need a proper expert - I'm sure there are ways and means, but it may cost you a few hundred pounds to get it sorted officially. Well worth it compared to losing 40% of the selling price.



Where's your house in the UK? I could sell mine and move into yours and send you my money

 

[Jonnyram]

Leeds, near Hyde Park. You don't want to live there

 

[mrklaw]

There is no minimum period of occupation for PPR but the house has to be occupied before and after any period of absence unless the reason for the absence was that the owner was working away; then he does not have to go back to the house if his work subsequently requires him to reside elsewhere. If the reason for the absence is work abroad then any period of absence no matter for how long is allowable. If work just takes him elsewhere within the UK then the rules are not so lenient - he is only allowed an absence of four years.

from

taxation web


check also THIS pdf from the inland revenue, page 48 onwards relate to CGT.


I think you are probably fine, but you'll need to sort the details out.

 

[SFA_AOK]

Why didn't you move 5 minutes down the road to Headingley?!

 

[Ghost]

I plan to sell my house in the UK and put the cash towards buying a house in Japan.
Are there any tax implications or is it safe to just go ahead without worrying about the tax office?

You can do what you want if you dont intend on coming back soon



Im gonna try and flee from my student loan repayments.