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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3816
Experience:  FCCA FCMA CGMA ACIS
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I live in the UK and last week I have sold my flat in Germany.

Customer Question

I live in the UK and last week I have sold my flat in Germany. The amount is at the moment on my German current account. I would like to transfer it straight away to my GBP account but I wonder if this is wise. The exchange rate Euro to GBP is so bad. What can I do? In fact I need the money here in UK.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
, I'm Keith and happy to help you with your question.
You have, in those immortal words, dipped out! The rate of exchange has moved against you and there is simply nothing to be done except grin and bear it if you need immediate funding. If you can hang on all well and good, but waiting to improve is akin to watching paint dry. I personally have seen an adverse movement affecting me personally by two points in the last couple of months.
Don't forget that the sale of your flat in Germany, unless it were your sole of main domestic residence, may be table under the UK Capital Gains Tax regime. Only the gain is taxable and you do have an Annual Exempt Allowance of 11K to offset any gain which would then be taxed at 18% or m28% or a combination of the two rates depending on your income including the gain in the year of sale.
I am so sorry to have to rain on your parade.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you support.

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