Thomasy
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Tax Return on Overseas Home Sale
Hi, My wife and I came to the UK and started living at the UK since July 2022 and we previously lived overseas at the home jointly owned by us. As I am selling my home overseas in December 2022, I have the following questions which I would like to confirm with you: 1. As I am a UK resident now but the property that I am selling was our main residence since purchase till June 2022, I should be entitled the full Private Residence Relief (as there is a nine month allowance before sale), may I ask if I still need to report to HMRC during 2022/23 tax return? 2. If I need to report, do I need to report within 60 days of sales like sales of UK properties or I can report at the Self Assessment at the end of 2022/23 tax year? 3. If I need to report to HMRC in Self Assessment, I believe it should be done through SA106 as it is an overseas property. However, I cannot see any places on SA106 to record the gain and claim the relief (as the SA106 form is on foreign income not capital gain). Could you please advise as well? Thanks so much.