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Posted Mon, 15 Jan 2024 20:36:16 GMT by
Hi HMRC, I sold my own used overseas property on 29/DEC/2022 which was already 18 months after I moved to UK . That's the only property I owned and I've lived in there for 11 years before I moved to UK. 1) May I ask is there any capital gain tax I need to pay ? 2) if so, do I need to calculate the Private Residence Relief ? 3) I've tried to submit details in "add other income "under online self assessment website, however it didn't allow me to submit record between tax year 2022- 2023, so how can I submit these details online ? Thank you Jackel
Posted Wed, 17 Jan 2024 15:21:45 GMT by HMRC Admin 32 Response
Hi,

Yes, it is possible that a gain may be due and yes you will need to work out any private residence relief. You need to report it as a capital gain in the tax return.

If foreign tax has been paid on the income, you can claim foreign tax credit relief for the same source of income to reduce any potential UK bill.

Thank you. 

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