Capital gains tax

Family Businss abroad has just sold property and I will have a share in the money . What are the capital gains implications ? This property belongs to the family business and it was sold and I am a beneficiary.

Hi,

As a beneficiary of the disposal of an overseas property, you may have Capital Gains Tax to pay in that country. You may also have Capital Gains Tax to pay in the UK. You would need to work out if you have UK Capital Gains Tax to pay. If you do, this will need to be reported in a Self Assessment tax return. There is a calculator here:

Report and pay your Capital Gains Tax

All entries must be in pounds sterling, converted from the foreign currency, using a just and reasonalbe exchange rate in use at the time. For your convenience, there are exchange here:

Exchange rates from HMRC in CSV and XML format

Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009

You are free to use any of the supplied rates or one of your own choosing, such as from a recognised stock exchange. 

Thank you.