Hi,
You may have Capital Gains Tax to pay in the UK on the disposal of the Turkish property. You will need to work out if a capital gain arises from the property disposal.
To do this, you will need to convert all aspects of the acquisition and disposal, including costs into Pounds Sterling.
The exchange rate is not set in stone, which is why you have a choice.
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
For your convenience, there are exchange rates at:
National Archives: Exchange rates from HMRC in CSV and XML format
For older rates, please look at
National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing. There is also a capital gains calculator at:
Tax when you sell property
If the property was your main residence during the period that you owned it, then that period may qualify for private residence relief. The disposal will need to be reported in a Self Assessment Tax return. If you have paid Capital Gains Tax on the property disposal in Turkey, you can claim a foreign tax credit of up to 100% of the tax paid.
Have a look at the link below for more information.
Capital Gains Tax
Thank you.
