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13 January 2013

CGT on selling property whilst living overseas

I own a property in the UK which I purchased 10 years ago. For the past 6 years, I have been living in Australia and renting the property out for about £9k per year I am considering selling the property but am keen to understand what my tax bill would be and if I would be better to hold onto the property. The property is currently solely in my name but I had considered putting it into joint name with my husband however given we do not live in the uk, I was under the impression that we would not be eligible for the CGT allowance, only the standard £8k income tax allowance each?

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