£50,000 CGT threshold on joint overseas property

Hello, I am a UK resident selling a property overseas. The total sale price is £70k - i.e. over the £50k limit for reporting but there are substantial costs and the property is also shared 4 ways. The gain on the property after costs is less than the £3k annual exemption. Could you clarify the following: Is the £50,000 limit per person or per property? Is the £50,000 before deductions for costs? If the limit is on a per person basis, then the sale will be less than £50k and the gain is within the allowance, do I need to declare it on my self assessment return (I am registered for self assessment)? Many thanks in advance. Dan

Hi,
The fact that the property is overseas, means that its disposal must be declared on a Self Assessment tax return, with no exceptions. You would only declare your share of the property using UK pounds sterling for all values in the calculation. There is a calculator to help you with this here: 
Tax when you sell property   
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates here:
Exchange rates from HMRC in CSV and XML format
and for older rates here:
Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing.
Thank you.