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Posted Sun, 16 Jun 2024 10:49:26 GMT by Cart C
Dear Sir/Madam, I would like to enquire that I purchased an overseas property a few years ago and renting it out (I have paid tax to HMRC and have done self-assessment every year). However, I sold this property last month and the price has decreased since I purchased it,so I lost money on this property investment(after currency exchange). In this case, will I need to do self assessment and pay tax? BR Carter
Posted Thu, 20 Jun 2024 07:38:59 GMT by HMRC Admin 20
Hi,
You would have to report any income from the property in the tax year that you disposed of the property.  
As you made a loss on the disposal, you will need to record the disposal in the capital gains section of your your tax return.  
This will show the loss and allow you to carry the loss forward to set against a future gain or set against other capital gains in the same tax year.
Thank you.

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