Reporting CGT on Overseas Property sale

Hi marlena_r101010,
Please refer to Report and pay your Capital Gains Tax
Thank you.

 

Hi Two general questions please on reporting CGT on overseas property sale 1. For an overseas property gifted in 2008 and sold in 2025 how can the market value in 2008 be determined for CGT purposes if the market value was not calculated on the date of the gift? Is a local estate agent/valuer's assessment acceptable? 2. For an overseas property sold in say March 2025, does the transaction have to be reported within 90 days or is there a different time limit for overseas property? Many thanks

Hi, Grateful if someone is able to answer my question above please re CGT on overseas property sale. Many thanks,

We sold our property in Portugal in 2023 and have each completed our Self Assessment for the year 23/24 and have until 31/01/25 in which to pay our CGT here but are still waiting on Portugal to tell us whether or not there is any tax to pay and if so how much we could owe them on the sale. What do we do if we have still not heard from them before payment is due here - do we pay our CGT here and then apply for a refund if we have to pay tax to the Portuguese authorities.

Hi Sidney Zafar,
In reply to your questions.
1. yes you can get an estate agent to give you a valuation based on similar properties sold at the same time it was inherited.  
2. foreign property does not get reported on the property disposal form.
For sales up to 5/4/25, this would be reported on the 24/25 tax return and you have until 31/1/26 to file.
Thank you.

Many thanks HMRC 20 for the clarification. Much appreciated. S

Hi ,

You will need to submit your tax return by 31 January 2025, regardless.  Please report the disposal of the property.  You can amend your tax return at a later date to declare the Portuguese capital gains tax paid and claim a tax credit. Thank you .