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Capital gain tax

Posted Mon, 16 Oct 2023 17:41:58 GMT by
Hi My parent owned a flat in Hong Kong for 25 years and moved to UK via BNO visa on 10/2022 and have been living in UK since then, they sold the flat on 1/2023 and transfer the money to UK account on 2/2023. I would like to clarify: there is no need to pay the capital gain tax if the property is sold within 9 months after arriving Uk. 1. Please confirm whether it is correct 2. Do they have to declare in self assessment and submit tax return for this? Thank you so much for your help!
HMRC Admin 5 Response
Posted Thu, 19 Oct 2023 10:55:10 GMT by HMRC Admin 5 Response
Hi

There is no gain to pay and no need to declare the sale.

Thank you
 

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