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Posted Thu, 14 Nov 2024 09:46:04 GMT by stylishlondon
Hi I am a UK tax resident and sold a studio apartment I owned for 8 years in France on 7 October 2024. I believe I need to report it to HMRC despite paying more CGT in France than I will owe in the UK. In one section the HMRC website says that as I am registered for self assessment I should do it on my 2024/25 return. On another it says I must report it within 60 days so started filling in the real-time form but can’t see where to enter how much CGT I have already paid in France. I also read that as it is in France I don’t have to report within 60 days, but should enter it on the 2024/25 tax return. I am confused and just want to do it correctly so please can you tell me which way to report it, and how to make sure that what I’ve already paid in France is taken into account. Thank you.
Posted Mon, 18 Nov 2024 10:33:58 GMT by HMRC Admin 21 Response
Hi,
As this is an overseas property, you are not tied to the 60 day rule, however, you do have to report the disposal in a Self Assessment tax return on SA108 (Capital Gain) and SA106 (foreign) supplementary pages:
(Self Assessment tax return forms).
You will need to work out if there is a Capital Gain, using UK rules.  
There is a calculator at: Tax when you sell property to help you do this and guidance on private residence relief can be found at HS283:
 HS283 Private Residence Relief (2024).  
 You will need to work out if there is a Capital Gain, using UK rules.  
There is a calculator at: Tax when you sell property to help you do this and guidance on private residence relief can be found at:
 HS283 Private Residence Relief (2024).  
You will need to convert all of your costs and disposal values into GBP sterling using an exchange rate in use at the time.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  For your convenience, there are exchange rates at:
 https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/Exchange rates from HMRC in CSV and XML format and for older rates at https://webarchive.nationalarchives.gov.uk/ukgwa/20100202113554/Exchange rates from HMRC in CSV and XML format.
You are free to use any of the supplied rates or one of your own choosing.
Thank you.
Posted Mon, 18 Nov 2024 12:08:31 GMT by stylishlondon
Thank you that is very helpful.

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