Capital Gains Tax - Hong Kong people with BNO Visa - Sell home after moved to the UK

Dear Team, I moved to the UK from Hong Kong with the BNO Visa on 19 August 2022. I sold my home in Hong Kong with the "Provisional agreement for sale and purchase" signed on 9 March 2023 and the final settlement completed on 9 June 2023. I lived there from when I bought it in June 2008 until I moved to the UK. Do I need to pay the capital gains tax? Thanks.

Hi,

You will be able to claim private residence relief on the gain arising from the disposal. If this relief covers the full amout of gain, then no Capital Gains Tax is payable, but a tax return should still be submitted.  

There is a calculator below, which will help you work out your gain.

Work out your tax if you're a non-resident selling UK property or land

Have a look a the guidance below to help work out the private residence relief.

HS283 Private Residence Relief (2022)

Thank you.

Hi, Sorry that I am new here and don't know much about the tax in the UK. I have further questions below. 1. Does it mean that when I have lived in the UK for less than three years, I should use the calculator for non-resident? 2. Is there any difference between UK property and overseas property when I input the information? 3. Is the taxing period starting from nine months after I arrived in the UK to the date of the final settlement of the property? Thanks

Hi,

1. As UK resident when you sold the property, no    
2. No, you just need to make sure you are calculating the figures in sterling  
3. The final 9 months applies to the period of ownership so this would be backdated from the date of sale. If there is a gap from that date and the date you left the property, then there would be a gain to calculate

Thank you.