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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15722
Experience:  International tax
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We sold a spanish holiday home in 2014 and made a substantial

Resolved Question:

Hi - we sold a spanish holiday home in 2014 and made a substantial loss which i want to offset against a gaining the UK on the sale of a second home. We took a mortgage out in Spain to part fund the Spanish home and my question relates to how we take account of exchange rate fluctuations - do I need to calculate these at the date each payment was made ?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloGains or losses are calculated using sterling translations at the date of acquisition and the date of disposal.You do not need to look back at each payment on the mortgage. RDRM31190 HRMC
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Customer: replied 1 year ago.
thank you - that answers my question.