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Capital Gains Tax

Fredrick Chong
Posted Fri, 20 Oct 2023 13:00:18 GMT by Fredrick Chong
I bought my property in Hong Kong in January 2008 and sold it on 22 December 2022. I lived in this property as my main and only residence. I owned this property for 179 months. My last date to live in this property was 22 March 2022. During the above period, I have not let it out any part of my home for any other purposes. According to my understanding, my Private Residence Relief is (170+9)/179 = 100%. My questions are the following 1. Is my PRR calculation correct ? 2. If question 1 is "yes", do I need to declare on the Capital Gains Tax? Thank you for your help
HMRC Admin 10 Response
Posted Tue, 24 Oct 2023 16:14:40 GMT by HMRC Admin 10 Response
Hi
1. On the basis of the info provided, your PRR calculation is correct  
2. Because no Capital Gains Tax will arise on the disposal of your residential property , completion of a Self Assessment (SA) tax return is not required (unless you meet other SA criteria).

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