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Posted Fri, 27 Jan 2023 19:05:09 GMT by AUNZUK-Tax
Situation: - Dec '17 purchased property in Australia for AUD $695k (owned 50:50 with partner) - Nov '19 relocated to the UK (UK domiciled) - Jul '21 sold property in Australia for AUD $1m - No tax payable in AU because of their primary residence rules My understanding (correct me if wrong): - UK CGT is payable - UK CGT would be reduced because it was my/our residence (21 months out of 44 months) - As a jointly owned asset each of us should report and pay based on 50% of the total (and our own allowances, etc) Question: 1) Where and how do I enter this information into the self-assessment?
Posted Wed, 01 Feb 2023 08:15:19 GMT by HMRC Admin 19

To work out if there is a capital gain in the UKyou need to convert all figures to pounds sterling. You can convert your 50% from USD to GBP for the purchase price and purchase costs, using the official exchange rate in at the time of purchase.

 Do the same for the disposal, to work out your gain. You will need to apply the UK private residence relief rules, help sheet HS283 will help.

HS283 Private Residence Relief (2022)

There is also a capital gains calculator that can help.

Tax when you sell property

Thank you.


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