CGT - Selling overseas home within 9 months and transfer funds to the UK

Hello, It would be grateful if you could answer my questions as below. Many thanks. My Case: My family moved to the UK in mid of April 2022 via BNO Visa. In Sept 2022, we sold the residential property in Hong Kong which our family had lived in for about 16 years. That property was my main and sole home which owned by me. I understand that we do not need to pay any CGT in this transaction as we sold the property within 9 months after we moved out in April 2022. Now the sold property funds has saved in Hong Kong bank current account which do not incurred any bank interests. Questions: Q1: Do we still need to report this main home in Hong Kong was obtained full private residence relief and fill in the Self Assessment for capital gains (SA108) in this case? Q2: Do we need to pay income tax, or subject to another taxes or report to HMRC once I transfer the pure sold property funds (no any bank interest is included) from Hong Kong to the UK, and need to fill in form (SA106)? Kindly to let me know to the proper procedures or steps. Thank you so much for your kind assistance and help.

Hi,

On the basis of the information you have provided, there is no Capital Gains Tax to pay on the sale of your Hong Kong property. The transaction would not therefore have to be reported in a Self Assessment tax return.

The transfer of funds from an overseas bank account to a UK bank account would have no Income Tax implications, unless interest or dividends are generated. You can see more information here:                                           

Tax on savings and investments: detailed information

Thank you.