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Posted Thu, 27 Jan 2022 16:34:20 GMT by icw
Hello. 1. I recently (today) sold a flat in Spain (for a loss). I am resident in UK and it was not my main home. Do I need to report this to HMRC if I am PAYE in this country? I think not since I made a capital loss (but it is my best interest to report it anyway - and how could I do that?), but it could offset any capital gains in this country? Also, my wife does self-assessment, should she include this on her SA form or does another form need to be filed? (We were co-owners of the flat 50% each). 2. We also sold an investment fund in Spain. We made a small gain of around €2700 and the Spanish bank withheld 19% tax (even though we told them our tax residency is the UK). Since this is below the £12000 threshold, do we need to declare this in the UK (we have no other capital gains). Again, if I am PAYE how do I include this (if needed)? And should my wife include it on her self-assessment with the tax she already paid in Spain? Sorry for all the questions! :)
Posted Fri, 28 Jan 2022 13:48:42 GMT by HMRC Admin 20
Hi icw,

As a loss you do not need to report this unless you are looking to utilise this in the future.
In terms of the investment fund, please see guidance here:

Gains on foreign life insurance policies (Self Assessment helpsheet HS321)

This may not be considered as capital gains but income tax and would therefore need to be reported.

Thank you.

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