Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Fri, 03 Nov 2023 00:55:10 GMT by Nonstop Goo
My legal partner and I jointly bought a Hong Kong property around 15 years ago. That property had been our main residence during our residence in Hong Kong. During this period, I sold my rights to my partner (i.e. my partner had full ownership after that). We moved to the UK a few years before and my partner let out this property. My partner sold this property recently. - Should the CGT solely reported by my partner, or I still need to share half of the gain? - Other than the cost of initial purchase and disposal of asset, can I deduct the cost (legal fees, stamp duty) of selling my portion to my partner?
Posted Wed, 08 Nov 2023 14:20:56 GMT by HMRC Admin 20 Response
Hi Nonstop Goo,
If you ceased be the legal owner of the property, while resident in Hong Kong, there is no capital gains tax for your to pay, as you disposed of the property before moving to the UK.  
Your partner would be subject to capital gains tax on the whole property.
Thank you.

You must be signed in to post in this forum.