Report on selling overseas property

I have sold a property in Hong Kong which I have been renting out (and have been declaring my rental income to HMRC on). I have made a loss on selling the property. Questions: 1) do I need to declare to HMRC that I sold the Hong Kong property even though it was sold at a loss (and so there will be no CGT payable)? I am a UK resident. 2) if yes, how do I make such declaration and when do I need to do it by? I sold it in Q4 2023. 3) I transferred the property to my sibling at market rate. Do I need to conduct a professional valuation to prove that it was market rate? If so, what should be the date of the valuation? 4) do I need to retain any documents for records? If so, for how long?

Hi CocoF,
As the disposal is that of a foreign property, you should declare the disposal in your Self Assessment tax return, even when there is no Capital Gains Tax to pay.
As you disposed of the property in the 23/24 tax year, you can declare the disposal after 5 April 2024, when the tax return is available.
You should keep a record of how you acquired the market value used and retain any documents, for at least 5 years.
Thank you.