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Posted Sun, 22 Sep 2024 17:15:03 GMT by Bozzo
We have sold our Timeshare and may have CGT liability due to its increase in value. However if we include Agent costs, Legal costs as well costs incurred to modernise and upkeep of the property to its 5 star status over 25 years, our liability to CGT is within the £3000 limit each. So for our Self Assessment, do we have to declare this to HMRC next year?. Can you please advise. Thanks
Posted Tue, 01 Oct 2024 10:44:55 GMT by HMRC Admin 19 Response
Hi,
If your timeshare was outside of the UK, then this is a foreign property disposal and as such should be declared in a Self Assessment tax return, regardless of whether there is a gain or a loss.
Thank you.

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