Theoretical tax implications

Raggs_2

Hey guys, you've helped me out before, and I'm hoping you can do it again.

Currently in Israel, looking to save for a deposit for mortgage (for when we move back to UK).

Ignoring potential affordability for the moment, and all the rest that comes with it.

If I was to purchase a property here with mortgage (if it's even possible), then probably rent it out. Come the sale of it, assuming all taxes in Israel are correct and proper, and as a current resident (though the sale would no doubt be close to moving time (though that may be via spain for 6 months). Will there be any forseeable taxes to pay in the UK, or will it just be a case of getting as good a currency conversion rate as possible?

Just a thought basically. But possibly one worth investigating.

fengirl_2

It depends on what other property you own. Even if you were resident in the Uk when you sold the property in Israel and it was your only or main residence, then there would be no CGT to pay.
If you already own another property, then the tax due on the Israeli property would depend on your residence situation at the time.

Raggs_2

It would be my only property.

So just a case of sorting out the Israeli taxes then. Well, still a pie in the sky idea, but at least now I know it's worth looking into potential over here.