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Posted Fri, 17 Mar 2023 11:01:58 GMT by Galactica
Hello Team I have inherited recently a flat in Greece and I am planning to sell the flat within the next 2-3 months and use the money to repay part of my mortgage here in the UK. I am a UK resident for tax purposes and I complete a self assessment every year during the last 13 years. My questions are is the following: a) if the sale is completed, how long do I have in order to declare the capital gains in the UK, 1-2 months? b) do I have to use the foreign section in the self assessment form to declare the total amount of money from the sale? c) do I have to pay tax in the UK for the sale of the flat in Greece? c)is there anything else that I need to do in order to inform HMRC for the sale? thanks for your time and looking forward hearing from you
Posted Mon, 20 Mar 2023 15:02:48 GMT by HMRC Admin 17

As you are resident in the UK and this is a disposal of a foreign property, you will need to declare the disposal in a self assessment tax return
for the tax year in which the disposal occurs. 

You will need to complete SA108 for capital gains and if you want to claim a foreign tax credit for tax paid in Greece,
you will also need to complete SA106.

 All aspects of your capital gains calculation must be in pounds sterling. 

E.g.  You would need to use the official exchange rate in use, at the time of inheritance, to convert the inheritance value to pounds sterling. 

The same would need to be done at the time of disposal. 

To convert from a foreign currency to pounds sterling, please use the official rate of exchange at the time of the exchange. 

You are free to use the yearly rate, the monthly rate or the spot rate. 

If a conversion was undertaken to deposit the money into a UK bank account, then this figure can be used. 

The official exchange rates can be found at :

Exchange rates from HMRC in CSV and XML format   .

Thank you.

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