CGT on Overseas Property

Hello. My elderly mother holds dual UK and Israeli nationality, and resides in the UK. She recently sold a flat in Israel, for which the funds were paid into her Israeli bank account in local currency. She has paid local taxes as required on the transaction. The funds will remain in Israel for the foreseeable future. In this case, does she have to pay UK CGT even if the funds will remain her bank account, in local currency, abroad ?

Hi,

Unless your mother is claiming the Remittance Basis of taxation, she should (as a resident of the UK) report the Capital Gain in the appropriate pages (SA108) of a Self Assessment Tax Return, and claim Foreign Tax Credit Relief on the Israeli tax already paid in the appropriate section of the  Foreign Pages ((SA106).

Capital Gains Summary notes                                          

Foreign notes (2022-23)                       

Thank you.