You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.
This is so even if you leave the gain abroad.
You may also have to pay tax in the country you made the gain. If you’re taxed twice, you may be able to claim relief.
Non-residents may have to pay UK tax on overseas property if they return to the UK within 5 years of leaving.
You do not have to bring the gain back to the UK for it to be taxed. If you are a UK resident then you are taxed on the gain.
Your gain is usually the difference between what you paid for your property and the amount you got when you sold it.
You need to report the sell under self assessment. If you are a UK resident then it does not matter if the property is abroad or in the UK.
You are allowed reliefs and if jointly owned then each reports based on their own ownership. The costs and sale are split and reported.
Individuals have an annual allowance of £11,100. If you meet the conditions for private residence relief (PRR), you do not have to pay capital gains tax on your main home. Both non-residents selling UK residential property and UK residents selling residential property abroad may still be able to get this relief if they meet new qualifying conditions.
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