CGT on overseas property

Giggle81

I have tried to find the correct page on the Gov.uk website regarding paying CGT on selling property abroad, and I thought I'd got the correct page - they show a useful stage by stage calculation  ie Sale price minus original price plus deductions for related agents/solicitors costs and improvements made to the property. But then it turns out to be CGT on selling a UK property. Is it going to be the same calculation anyway?  

tetrarch

The allowances are basically the same and indifferent to property location for your UK tax calculation

When I sold mine the biggest single component was the FX gain which more than outstripped the gain from the increase in property price

Regards

Tet

silvercar

The rules are the same, but the foreign exchange complicates the calculation.

I’m not sure if the basics are sale price less purchase price less allowable purchase/sale costs and improvements. All in the foreign currency. Then converted to GDP.

Or if it is sale price converted to GDP less purchase price converted to GDP less each allowable other expense converted to GDP at the time the costs were incurred. 

The latter seems more logical if all the money came from the UK originally, but if someone inherited a property, does the conversion to GDP at the time of inheritance seem reasonable??

Giggle81

Thanks for the comments. I guessed it would be much the same especially as the money came from the UK originally. For the calculation, I converted each amount to GDP - not sure how much difference that made. The French authorities have already taken their chunk of CGT.  Is there any dual taxation tax relief that is worth pursuing?

silvercar

Giggle81 said:

Thanks for the comments. I guessed it would be much the same especially as the money came from the UK originally. For the calculation, I converted each amount to GDP - not sure how much difference that made. The French authorities have already taken their chunk of CGT.  Is there any dual taxation tax relief that is worth pursuing?

Most countries have double taxation convention, France certainly does https://assets.publishing.service.gov.uk/media/5a80112ced915d74e33f840a/france_dtc_-_in_force.pdf