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Posted Wed, 28 Jun 2023 22:41:01 GMT by ad
I purchased a property in India on 30th Dec 2011 and I sold this property on 17th May 2023. I sold it at a profit (at market rate though). I have the following queries regarding this transaction: 1. What INR-GBP exchange rates do I use to calculate the property value (in £) at purchase and sale? 2. What documents do I need to prove for any improvements done in the property, which will be deducted from the gain amount? 3. I'm employed with c.£80k salary and no other income, so I don't file self assessment tax return. Do I still have to file self assessment if the difference between the sale and purchase amounts is less than the CGT allowance of £6000? 4. Is it sufficient to use the CGT calculator on gov.uk for calculating the CGT amount I owe? Thanks in advance for clarifying these queries.
Posted Wed, 05 Jul 2023 15:20:42 GMT by ad
Hi HMRC, Bumping this thread to the top as there has been no response for a week now. I would greatly appreciate if you can help with these queries. Thanks
Posted Wed, 05 Jul 2023 17:50:13 GMT by HMRC Admin 20 Response
Hi ad,

In answer to your question:-

1. Exchange rates from HMRC in CSV and XML format 
2. You will need to have receipts for any improvements carried out.  
3.  Report and pay your Capital Gains Tax   
4. Yes you can use the calculator to see if anything is due and if so, follow guidance in answer at question 3.

Thnak you.

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