tax implications for property in the UK.

[jtc_in_cumbria]

Hello.

I've got two properties in the UK. One is in a desirable neighbourhood with a good school so it will be relatively easy to sell that before we go over to the UK.

The other house is in an up and coming area so it will be more difficult to sell before we move to canada.

Question is, if we sell the house after we've moved from the UK, what's the tax implications? Are we subject to foreign taxation ?

Any advice is appreciated. We're making preparations so it is important to understand taxation implications.

thanks

 

[PMM]

Hi

Hello.

I've got two properties in the UK. One is in a desirable neighbourhood with a good school so it will be relatively easy to sell that before we go over to the UK.

The other house is in an up and coming area so it will be more difficult to sell before we move to canada.

Question is, if we sell the house after we've moved from the UK, what's the tax implications? Are we subject to foreign taxation ?

Any advice is appreciated. We're making preparations so it is important to understand taxation implications.

thanks

The difference in value from the date of landing to date of sale is most likely taxable in Canada as it would not have been your principle residence.

PMM