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Posted Sun, 21 Jan 2024 19:06:30 GMT by
I'm resident of UK for 22/23 tax year, but was born and lived before in other country. 10 year ago, when I was resident of my home country, together with grandparents I've got ownership rights on social housing where we lived. This is common right for that country, but can be used only once in life. At that moment market value of share of property I've got was approx. 32k GBP. In 22/23 I've gifted my share of property to my father (non-UK resident) owning other shares. At that moment market value of my share was higher in local currency (after converting to GBP difference is about 10k), but in GBP price of share was bit lower (about 30k GBP), due to significantly declined currency rate. I've not needed to pay any taxes in home country and I had no other capital gains in 22/23. 1. Do I need to report this transaction in my 22/23 Self Assessment? 2. Am I right, gifting was at loss of 2k GBP? (30k GBP - 32k GBP) 3. If yes, do I have right to use this loss against gains in future tax years?
Posted Wed, 24 Jan 2024 17:02:03 GMT by HMRC Admin 20
Hi A K,
As you are completing a tax return for other reasons, you will need to declare the disposal, if the disposal value exceeded £49200.  
If you have a loss, you will need to declare it in your self assessment tax return and elect to carry it forward.
Thank you.

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