CGT on overseas property when there's been no profit?

Hi As title says we've sold a property this month (August 2024) but without profit, after 19 years. Our accountant does our yearly tax return, do we include it in next year's return and what figures will be needed please? Thank you

Hi,

If you disposed of a property for less than or equal to the cost it was acquired, there is no gain and no requirement to report it using the private property disposal capital gains service (PPDCGT). However, if you have to complete a tax return for any other reason and the disposal value exceeds £50000, then you must declare the disposal in your tax return. You can see relevant boxes at section 1 of SA108 here:

Capital Gains summary (2024)

You will need to complete boxes 3 to 8. as appropriate. These boxes are on the online return in the capital gains section under residential property.

Thank you.

Thank you 19 If there are in fact losses in the sale price v the purchase price can we include that from all those years ago? Regards S

Hi Shazza117,
The loss would be based on the the value the property is sold for against the purchase value and as such the loss itself would only refer to the tax year the asset is sold.
Thank you.