sold a foreign residential property for rent and recorded a loss

Hi, I am a UK tax resident. In January 2023, I sold a Hong Kong residential property for rent and recorded a loss. Now I plan to convert the funds from Hong Kong dollars into US dollars and remit them to the UK. May I ask whether I should have a tax return for the sale of the property. If I need to have a tax return, what tax return form do I need to fill in? Thanks Angela PAN

Hi,

You are not required to report capital gains losses to HMRC. If you choose to do so and you complete a tax return, you would declare the losses on SA108 or the online section relating to capital gains. If you do not complete a tax return, then you would submit a letter to claim losses.

Thank you.

Hi, Can I transfer the capital to my UK bank account after declaring the losses on SA108 relating to capital gains on this tax year? Are there anything I needed to report to HMRC except declaration in SA108 before the transfer? Thanks, 

Name removed admin .

Hi

When you are transferring your own existing assets to yourself, repatriation of funds or assets, there are no tax implications of transferring money to the UK. Only any interest that this capital generates is then taxable.

You can report your loss to us through Self Assessment, SA108.

Thank you.

hi Thanks for your kind reply! Where can i find SA108? Thanks

Hi Angela,

This can be found at Self Assessment: Capital gains summary (SA108)

Thank you.

Hi HMRC I am also a UK tax resident and landed in the UK in Apr 2023. In Dec 2023, I sold a Hong Kong main residential property and recorded a loss. I want to report the loss through Self Assessment, SA108, could I report the total loss amount? Or I can only report the loss for the period after i landed in the UK (i.e. UK part from Apr to Dec 2023). Thanks

Hi,
Please refer to CG25330A - Remittance basis: election for foreign losses to be allowable: TCGA92/S16ZA
Thank you.
 

Hi. I am resident in UK last 20 years. I recently sold my apartment in Dubai this year and incurred a loss. I also sold a piece of non residential land in UK and received a capital gain. I have two questions. 1. Can I offset the capital loss from my foreign property sale against the capital gain from UK land sale. 2. Should I file both these gains and loss in my SATR or file capital gains/ loss individually on HMRC capital gains portal. Kindly help