CGtax loss of £50k on a foreign property, in 2023, whilst a UK resident. How is this loss used

against a CGT gain if I sell my sole remaining property, which is based in the UK. I lived in it as my primary residence for 10 years, i.e. 120 months, plus 9 mths = 129 mths. It was let out for the remainder of the time. I have owned the property for 28 years, 336 months, so using an equation I obtained through google search that equates to 38% relief on a potential profit of 150k. I am a basic tax payer so does this mean I only pay 18% on all the profit, or is it only up to 50k and then reverts to 28%? My other query (as I cannot find any information in relation to this), is how do I use/calculate the CGT loss from the foreign property, of £50k, against the CGT gain? Do I deduct it at source from the £150k profit, reducing the gain to £100k and then calculate the 38% relief against this amount, i.e. from £100k? I have read that a residential property loss can be offset against any CGT gain for 4 years and obviously, if I had made a CGT gain that would have been liable for tax, being a UK tax payer. Thank you for your assistance

Hi 

Your private residence relief would be calculated as 129/336 * the gain of £150k.  This figure would be deducted from the gain to determine how much is taxable.  
The lower rate of capital gains tax on residential property is 18%.  To determine if any of the lower rate is available, we need to calculate your income tax liability first.  
If any of the basic rate band is unused when calculating your income tax liability, then this unused amount can be set against the lower rate of capital gains, with any remaining gain taxed at the higher rate of capital gains (28% up to 2023 to 2024 and 24% from 2024 to 20245 onwards.

Thank you

Thankyou very much for your reply. Is it possible to get a response in relation to ny other query, see below pasted, i.e. the CG loss I made in 2023, and how/if - this can be used against the above referenced gain of £150k? "My other query (as I cannot find any information in relation to this), is how do I use/calculate the CGT loss from the foreign property, of £50k, against the CGT gain? Do I deduct it at source from the £150k profit, reducing the gain to £100k and then calculate the 38% relief against this amount, i.e. from £100k?" Many thanks

Hi Pdig,
You need to report losses to HMRC if you wish to claim loss relief and carry the losses forward to a future tax year.
You have 4 years from the end of the tax year the losses arise in.
Leave it too long and you are out of date and losses cannot be claimed for.
You either claim for losses in writing, providing supporting evidence or in a Self Assessment tax return for the tax year the losses arise, again, including supporting evidence.
Only after the losses have been claimed/agreed, can you set the loss againt the future year gain.
You would calculate your capital gains and deduct the agreed losses from the gain.
The remainder is then subject to Capital Gains Tax, depending on what type of capitat gain you have.
Residential property capital gains are taxed at the lower rate of 18% and the higher rate of 24%.
Other forms of capital gains are taxed at the lower rate of 10% and the higher rate of 20%.
Thank you. 
 

Thank you for your very informative response! Kind regards