G Yiu

Thank you so much for the reply For a UK property, the transection should be reported to HMRC within 60 days. May I know if there is a time limit for reporting the transection of a foreign property? Or I should do it next year in the self assessment for Tax year 2024-2025? Thank you

I purchased a property in Hong Kong on 28/2/2018 (completion date) at a price HKD $14,380,000 with expenses (stamp duty HKD$539,250, legal fee HKD$10,710, commission HKD$80,000) Then I sold it on 23/7/2024 at a price HKD$13,750,000 with expenses (legal fee HKD$11,350) I was not an UK resident at the time of 2018, so I did not actually have a currency exchange at that time. May I use the exchange rates (average year to March 2018 GBPHKD 10.295567) for the buying process and the exchange rates (July 2024 monthly exchange rates GBPHKD 9.9387) for the selling process? In this case the capital gain = ($13,750,000 - $11,350)/9.9387 - ($14,380,000 + $539,250 + $10,710 + $80,000)/10.295567 = - £75 566.3988 (i.e. a capital loss) May I confirm if this calculation is correct and I should report it on my self-assessment tax return for the year 2024/2025? Thank you very much

And may I ask is the agent commission an allowable expense? Thank you

Thank you for your reply. And yes, i got a typo and the selling date should be on July 2024. And for the exchange rate, I have a further search in this forum and find a post.(https://community.hmrc.gov.uk/customerforums/cgt/1e04578f-3859-ee11-a81c-002248c71172) It mentioned "You can apply any of the spot rates for the exchange rates for the tax years in which the property was purchased and sold." So in the calculation of the buying price of my foreign property on Feb 2018, may I apply the exchange rate of GBPHKD at April 2017? Thank you

I bought a property in Hong Kong on 28/2/2018 and will sell it on 28/7/2025, both the property transections are completed with Hong Kong Dollar. There is a capital loss in terms of Hong Kong Dollar. In the calculation of capital gain tax, what currency should I use? And are there specific time reference point for currency conversion if there is any? And would stamp duty and lawyer fee be deducted in the calculation. Thank you