Sale of overseas property within 9 months of migration

Hi, I have relocated to the UK via BN(O) Visa and sold my residential property (my main and only home) in Hong Kong within 9 months of arrival in the UK. I understand that I am not required to pay any Capital Gains Tax in this case as it will be fully covered by Private Residence Relief. I would like to enquire whether I will need to report this transaction when I fill in the self-assessment tax return. I have transferred the proceeds arising from the property sale from my Hong Kong bank account to my UK bank account. Do I need to declare this in the self-assessment as foreign income? Thank you very much for your kind help.

Hi,

If you were tax resident in the UK when you disposed of the property, you will be required to declare the disposal in a self assessment tax return.  So long as the property was your main

residence for the whole period of ownership, then private residence relief would cover any gains, so no tax would be payable.

Thank you.