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Topic: US Citizens- uk house sale tax implications ?  (Read 1546 times)

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US Citizens- uk house sale tax implications ?
« on: January 19, 2007, 05:22:59 PM »
HI -After 3 years back in USA , we are going to be moving back to London , this time  planning to buy house. We are wondering roughly what we could expect tax wise on any profits made on house sale years from now ? As US citizens would we be paying UK or US or both ?
Thanks,
Caroline 
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Re: US Citizens- uk house sale tax implications ?
« Reply #1 on: January 19, 2007, 07:44:55 PM »
The UK does not tax gains on sales of main residences.

The US charges tax at the long-term rate of 15% on gains on real property owned & occupied as a main residence for at least 2 years prior to sale.  The first $500,000 of gain is exempt from US tax.

The US will also charge US tax on foreign currency gains on repaying UK Sterling mortgages.
« Last Edit: January 19, 2007, 07:48:32 PM by guya »
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Re: US Citizens- uk house sale tax implications ?
« Reply #2 on: January 19, 2007, 09:08:41 PM »
Thanks - thats good news, and a bit surprising!
Caroline
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