Overseas property

I bought a property in Hong Kong on 28/2/2018 and will sell it on 28/7/2025, both the property transections are completed with Hong Kong Dollar. There is a capital loss in terms of Hong Kong Dollar. In the calculation of capital gain tax, what currency should I use? And are there specific time reference point for currency conversion if there is any? And would stamp duty and lawyer fee be deducted in the calculation. Thank you

Hi,
If you mean 2024 and not 2025 - you need to report foreign income in sterling.
For exchange rate information, please refer to:
HMRC currency exchange average rates
Stamp duty and lawyers fees are allowable expenses.
Thankyou.

Thank you for your reply. And yes, i got a typo and the selling date should be on July 2024. And for the exchange rate, I have a further search in this forum and find a post.(https://community.hmrc.gov.uk/customerforums/cgt/1e04578f-3859-ee11-a81c-002248c71172) It mentioned "You can apply any of the spot rates for the exchange rates for the tax years in which the property was purchased and sold." So in the calculation of the buying price of my foreign property on Feb 2018, may I apply the exchange rate of GBPHKD at April 2017? Thank you

And may I ask is the agent commission an allowable expense? Thank you

Hi ,
 

As long is it is after 06/04/17, yes  . Thank you .

 

Hi,

You can see guidance on allowable expenses here:

CG15250 - Expenditure: incidental costs of acquisition and disposal

Thank you.