Query regarding on Capital Gain Tax (HK BNO Visa)

Dear Sir/Madam, I am a BNO Visa Holder. The Visa was granted on June 2023. And I arrived UK on November 2023. My HK Home is sold on November 2023 and the transaction is completed on Jan 2024. As such, just wounder whether I need to file a Capital Gain Tax for this transaction in the coming taxation year. Regards, A.

Hi.

You will need to review the guidance below and undertake the statutory residence tests at RDR3 to determine your tax residence position:

RDR3 Statutory Residence Test  

This will help you determine whether you need to declare the disposal of the property in the tax return. If you do, you can claim a foreign tax credit of up to 100% of the foreign capital gains tax paid. You will need to work out the gain or loss, using pounds sterling, for the acquistion and disposal.

Private Residence Relief may also reduce any gain. You can see guidance here:

Tax when you sell your home

Thank you.