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Does anyone know .... if you are unable to sell your main UK property before taking permanent residence in Australia, so rent it out instead....are you liable for Capital Gains Tax in Australia or the UK later on down the line when you do finally sell it....?

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Comment by Simon - Global QROPS on October 14, 2009 at 16:20
From a UK tax perspective the property will qualify for principal residence relief upon sale.

There may be an assessable amount in respect of the period where you do not live in the UK, however, if you neither resident or non ordinarily resident in the UK at the time of sale it is possible to avoid UK CGT completely.

If you are a permanent visa holder any increase in value from date of arrival may be assesable to Australian CGT. The Australian tax system allows you to claim main residence relief in a similar way to the UK. If a property is not your main residence for the whole time you owned it you may only get a part exemption.
You can choose to treat your UK property as your main residence for up to six years after you cease living in it. If you buy another residence during in this time it gets a bit more complicated!

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