Private Residence Relief after disposal main residence

Dear HMRC, My wife and I moved to the UK in 06/2023 and sold my main and only residence in Hong Kong in 07/2023. The property was a joint tenant and we lived there for the whole period without any business use in HK. I have read the guidelines in HMRC and we are eligible for private residence relief. Do I need to report this capital gain (about a total of £440,000, £220,000 for each party) and claim PRR in SA108 form? Some replies need to report as seen in HMRC forum if the gain is more than £49200. However, according to the SA108 notes on HMRC: You do not need to fill in the ‘Capital Gains Tax summary’ pages if you only sell or dispose of your main home, if you qualify for Private Residence Relief on the full amount of the gain. I am uncertain if I need to declare the capital gain from selling our primary residence in Hong Kong. Thank you.

Hi ,
 

The arising basis of taxation would consider whether you were resident in the UK at the time of the disposal.  If you were, then as this is a foreign disposal and should be declared the disposal in a self assessment tax return on SA108, claiming PRR to cover the capital gain and also on SA106, where a foreign tax credit can be claimed if UK capital gains tax is payable.

Thank you .

Hi, We arrived in the UK for about 1 month at the time of the disposal of our main residence in HK (it fulfills the disposal of the main residence within 9 months of moving into the UK and claiming PRR). But we are residents in the UK in 2023-24 tax year. Still uncertain if we need to declare the capital gain. Thank You.

Hi
As this is your main residence then no.