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RE: Exchange rate to calculate CGT
Hi HMRC, Bumping this thread to the top as there has been no response for a week now. I would greatly appreciate if you can help with these queries. Thanks -
Exchange rate to calculate CGT
I purchased a property in India on 30th Dec 2011 and I sold this property on 17th May 2023. I sold it at a profit (at market rate though). I have the following queries regarding this transaction: 1. What INR-GBP exchange rates do I use to calculate the property value (in £) at purchase and sale? 2. What documents do I need to prove for any improvements done in the property, which will be deducted from the gain amount? 3. I'm employed with c.£80k salary and no other income, so I don't file self assessment tax return. Do I still have to file self assessment if the difference between the sale and purchase amounts is less than the CGT allowance of £6000? 4. Is it sufficient to use the CGT calculator on gov.uk for calculating the CGT amount I owe? Thanks in advance for clarifying these queries.