Self-Assessment and Capital Gains Tax

Could you help me, please? I need to submit a Self Assessment tax return for the year 2021/2022. 1. If in the tax year 2021/2022 I sold my share of a flat (the asset), which is in a foreign country (i.e. not in the UK), and the asset's sale price (converted to GBP) was below £49,200, and my calculated gain (converted to GBP) is below £12,300, is it correct that I don't need to provide anything in regard to that sale in my Self Assessment tax return and I don't need to inform HMRC about it in any way? Thanks.

Hi
That is correct.
Thankyou.
Regards.

Hello, If I sold the foreign property (main home) before arrived UK in 2021 and claim split year for 2021-2022, is it correct that I don't need to state such sale in my self assessment tax return and I don't need to inform HMRC it? Thanks and regards.

Hi,

If you bring the proceeds of the sale of the property to the UK, then you will need to calculate whether capital gains tax is due and if so, report it in the Self Assessment Tax Return.  

The calculator at:

Tax when you sell your home

All aspect of the calculation must be in UK pounds sterling at the time of purchase or disposal.  

The official exchange rates can be found at:

Exchange rates from HMRC in CSV and XML format  

The calculator below will help you work out if there is a gain after Private Resident Relief is applied.

Tax when you sell your home

Thank you.
 

Thanks for the information. As the property was my main home and with private Resident Relief applied, there was no tax due based on the online calculation. Is it correct that I do not need to report it in the Self Assessment Tax Return? Thanks and regards,

Hi,

If you are UK resident, you do not need to report anything, if your have no capital gains tax to pay. You may have no capital gains tax to pay, if Private Residence Relief (PRR) applies in full, the gain is covered by Capital Gains Tax annual exempt amount (AEA), the gain is covered by brought forward losses or current year losses realised before completion of the disposal or a Caital Gains Tax relief applies, which reduces the full gain to nil. 

Thank you.