How to handle Tax Returns for Foreign Asset sale proceeds spanning two tax years

Oldgrizzly

I sold a foreign property in the 2024/25 tax year and will need to declare this in my annual self assessment return. The total agreed sale amount would produce a CGT liability. However the payment schedule was staged with the final payment not due for 12 months (i.e. in the 2025/26 tax year). I need to understand how to handle this before completing my 24/25 return to HMRC. I obviously don't want to pay CGT on money I have not yet received!

NorthYorkie

The gain arises in the tax year when you lost beneficial ownership i.e. the date of the unconditional contract for sale, not the year in which the sales proceeds were received. From what you say, the gain arose in 24/5. You don't seem to be able to pay tax by instalments (see CG14910 - Deferred consideration: ascertainable: payment by instalments: conditions and calculation - HMRC internal manual - GOV.UK) 

Oldgrizzly

Many thanks for this input. Not exactly what I wanted to read but not your fault!