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Posted Mon, 24 Jun 2024 11:17:25 GMT by TeaJay92
Hi, I sold a foreign property on 23/01 in EUR and converted the amount to GBP on the date of the sale to calculate my gains. However, the amount in EUR was sent to me by my solicitor on 31/01 directly to my bank account in the UK and I realised a loss due to the UK bank exchange rate cost on that day (i.e. relative to the official FX conversion rate). Is that loss deductible from the overall gains made from the sale of the property on 23/01? Thank you
Posted Thu, 27 Jun 2024 14:34:56 GMT by HMRC Admin 25 Response
Hi TeaJay92,
No. The transfer from one bank account to another is not part of the disposal of the property, but a transaction after the disposal of the property. Please have a look at CG78320:
CG78320 - Foreign currency: foreign currency bank accounts - introduction
Thank you. 

 

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