Goodsummer123

Since my insurance company in overseas did not issue chargeable event certificate, may I convert the use the insurance policy and surrender letter to calculate the gain/loss (actually it was loss in local currency, so I assume no need to report)?

I have two insurance policies starting 2012 and 2013 respectively in Hong Kong and finished my eight years contributions with total HKD88,512 (HKD922 per month) for each policy in Mar 2020 and Oct 2021. I just surrendered two insurance policies in March 2024 (I relocated to the UK in Dec 2021) the surrender values for the two policies were HKD83,711.68 and HKD73,676.82 (I got less of total contribution) and remitting the fund to the UK on 12th Apr 2024? 1. May I know if I need to report these incomes in my self assessment in 2023/2024 or 2024/2025 as the policies were surrendered in Mar 2024 but remitted to the UK on 12th Apr 2024. But the total HKD contribution for eight years were a loss? 2. Do I need to exchange my contribution from HKD to GBP in my eight years contribution for each month to calculate the gain/loss? Or the total contribution of HKD88,512 and deducting surrender value? Thank you.

After considering Private Residency Relief (97 months), the taxable amount is calculated by 17 months only which is around GBP14,000. Shall I use the taxable amount of 17 months and deduct the cost of 1. Estate agent fee when buying and selling; 2. Stamp Duty when acquired the property; 3. Solicitor fee when buying and selling the property? If I deducted all above costs, there is no capital gain and even a loss. Do I still need to report to HMRC? Thanks!

Thanks for your reply. Regarding this reply: "If the property was jointly owned between your husband and yourself, you will both need to work out if there is a capital gain on each of your 50% shares." Questions: But the property was bought jointly (in Jun 2014) before I moved to the UK on Dec 2021. In addition, the property was being remortgage and changed from joint name to myself on Oct 2020 only before I moved to the UK. Since I bought the 50% share from my husband on Oct 2020 before moving to the UK, does it mean the only myself is entitled for CGT when it's sold on Dec 2023? Thank you.

Apologies as I still don’t understand. Would you please advise the followings? Thanks a lot. a.If Captial Gain Tax is required, only myself need to report CGT or my husband needs to report CGT too? And how much CGT do I need to declare? GBP310K(property price sold in Dec 2023) - GBP290K (property purchased price in Jun 2014) = GBP20K? Or else? b. Any Private Resident Relief can I claim because the Hong Kong property was our main resident home before relocating to the UK? If yes, shall I claim from Jun 2014 to Oct 2021? Since I owned the property for 114 months and lived there for 88 months (rented out for 24 months and vacant for 2 months). Can I claim Private Residence Relief for 88 months + 9 months which is 97 months?

Hi all, Would you advise if I need to report capital gain tax for my recent sale of previous resident home in Hong Kong? 1. In Jun 2014, my husband and I bought a resident home (in joint name)in Hong Kong at around GBP290K and we lived in the property until Oct 2021. 2. In Oct 2020, the property had been remortgaged with value around GBP440K and changed to under my name only. 3. The property was rented out from Nov 2021 to Oct 2023. 4. My husband and I relocated to the UK in Dec 2021 and I was full-time employed with higher tax payer, we both became UK tax resident after 183 days which was around Jun 2022. 4. The property was sold at around GBP310K at the end of Dec 2023 Questions: a. Do I need to declare any Captial Gain Tax for my recent sale of the property? If yes, only myself need to report CGT or my husband needs to report CGT too? b. If yes, how much CGT do I need to declare? GBP310K(property price sold in Dec 2023) - GBP290K (property purchased price in Jun 2014) = GBP20K? c. Any Private Resident Relief can I claim because the Hong Kong property was our main resident home before relocating to the UK? If yes, shall I claim from Jun 2014 to Oct 2021? d. How I declare the CGT and when is the deadline? In 2023/2024 self-assessment or other platform? Thank you.