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Posted Sat, 05 Oct 2024 17:29:24 GMT by Carmen Lee
I moved to London on 18th June, 2021, started my first job on 30th November, 2021. I sold my main home in Hong Kong on 22nd February, 2022 and purchased my main home in October, 2022. I would like to know if I have to pay tax from selling of my main home in Hong Kong? How the tax is calculated. Thank you.
Posted Wed, 16 Oct 2024 15:42:00 GMT by HMRC Admin 20 Response
Hi, 
To calculate any gain, you will need to convert all values from the foreign currency to GBP sterling using a just a reasonable exchange rate at the time of acquiation and disposal.  
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 Exchange rates from HMRC in CSV and XML format 
and for older rates at Exchange rates 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.  
You advise this property was your main residence, you may have private residence relief available to reduce or cancel out any gain.  
Have a look at HS283 Private Residence Relief (2024), as you may have private residence relief to reduce or cancel out an gain that arises.  
There is a calulator at Tax when you sell your home  to help you work out your gain.  
You will need to report the porperty disposal in a self assessment tax return.
Thank you.
Posted Wed, 16 Oct 2024 17:39:09 GMT by Carmen Lee
Thank you very much for your reply. My property in Hong Kong was my main home that I lived for 29 years and never rented out, the property purchased in the UK after disposal of my flat in Hong Kong also my main home. I did check this link https://www.gov.uk/tax-relief-selling-home to find out if I am entitled to Privacy Residence Relief, with the following results. "quote" You’re entitled to full Private Residence Relief You don’t need to pay any tax on the gain you make when you sell your home. You don’t need to contact HM Revenue and Customs (HMRC) or fill in the Capital Gains Tax "unquote" May I confirm with you that I do not have to HMRC or fill in Capital Gain tax, and I do not have to include this in my self assessment ? Thank you very much.
Posted Thu, 24 Oct 2024 15:36:16 GMT by HMRC Admin 20 Response
Hi,
If you meet the conditions then no.
Thank you.
Posted Thu, 24 Oct 2024 18:27:55 GMT by Carmen Lee
Dear Sir, Thank ypu so much for your reply. I do meet the conditions. Best regards,

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