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Posted Thu, 05 Sep 2024 19:19:49 GMT by Amanda
Hi, I'd like to declare Capital Gains on a property sold abroad and I keep on encountering blockers due to the fact that they are a lot of very specific circumstances, they are the following: - The property was purchase by a parent, in my and my siblings' name - as a result I do not have information about the property's original value, I could find it but how necessary is it? - As mentioned, I had joined ownership of the property with my siblings, the total value of the property is above 50k but my own share is below 50k, so I'm not sure whether the sum needs to be declared at all? - I have paid Capital Gains tax on the income from the sale of the property in the country where the property was sold already, and this country has a double taxation convention with the UK. I understand I still have to declare the income, but will I be expected to pay CGT then have to engage in a procedure with HMRC to retrieve the amount paid? Any help around either of these issues would be greatly appreciated!
Posted Fri, 13 Sep 2024 08:24:48 GMT by HMRC Admin 25 Response
Hi Amanda,
Yes, it still needs to be decalred here.
An estate agent will be able to give you a valuation based on similar properties sold at the time yours was purchased.
You can claim Foreign Tax Credit Relief for any foreign tax paid to set against your UK bill.
Further guidance is here:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you 

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