cjp
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Exchange rate calculation on overseas property sale
I am in the process of selling a property in France for less Euros than when I bought it 18 years ago. As such, having had the capital gains assessed in France, I do not have any to pay there. However, taking into account Euro/GBP exchange rates, for the years of buying and selling the house, it is possible that I may need to pay CG tax in the UK. The amount will depend on what exchange rate I use. Do I have to find the Bank of England spot rates on both the day of purchase and the day of sale, can I use the exchange rate I got when I changed the purchase monies or is another rate applicable? It is far from clear on the HMRC as to what exchange rate to use.