Tax implications of renting your UK house

[Druid]

Hi all, looking for some advice from any tax boffins, I am thinking of renting my UK house out as it doesn't want to sell, what are the tax implications, long and short term, at the moment I am renting, so the UK house is effectively my primary residence, and the way I understand the rules will not attract any tax when I sell it, but I am in the process of building a house here in Aus, and was hoping the UK house would sell in the meantime, but this is looking more unlikely, so my primary residence will then switch to the Aus house, if I then sell the UK house 12 months down the line, what is the tax implication, I know monthly income from the UK will be seen as income for tax purposes here in Australia, I am more concerned about possible gains tax if and when I ever sell in the future.

[Deb]

Glad you did this thread I need to know for when we buy here.

[elfie]

Hi Druid

 

Have sent you a private message

[Druid]

Hi Druid

 

Have sent you a private message

 

Thanks Elfie, the question is more about capital gains, I'm worried that 12 months down the line we are living in our new home here in Aussie (primary residence) & I come to sell the UK house and bring the money in, how much am I going to get stung by the Aussie tax man, I have found a thread on here by Alan Collet of Go Matilda, seems he has an office here in Perth, GMTax, I am going to give them a call tomorrow

[Druid]

I went to see a UK/Aus tax consultant today, so I have all the answers, PM me if you want to know what the implications are.