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Posted Thu, 14 Nov 2024 12:54:32 GMT by yanyan
Hello everyone I am a new immigrant from Hong Kong and have lived in the UK for more than 2 years. I do not own any real estate in the UK and have never purchased any house or property in the UK. Now I only rent a house, and I still own a self-occupied house in Hong Kong and do not rent it out. , now lived by my father, occasionally when my wife and children and I return to Hong Kong to visit relatives. Please tell me if I sell my only original home in Hong Kong now, will I have to pay capital gains tax? If I have to pay a percentage, how much is it? Where can I find the calculation method on the government website? If it is not used, what proof will be provided if the money from the house sold in Hong Kong is remitted to the UK in the future? Sincere thanks to the officials (Translated by Google)
Posted Mon, 18 Nov 2024 11:42:45 GMT by HMRC Admin 21 Response
Hi,
You may have a Capital Gain liability, which you would report in a Self Assessment tax return.
You will only be able determine this once you dispose of the property.  
There is a Capital Gains calculator at Tax when you sell property.
You would be entitled to private residence relief for the period of time that the property was your main residence.  
You can find guidance on this at help sheet HS283:
 HS283 Private Residence Relief (2024)  
To work out if there is a gain, requires that you covert all of the figure from HKD to GBP sterling, using an exchange rate in use at the time.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  For your convenience, there are exchange rates at: https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/
Exchange rates from HMRC in CSV and XML format and for older rates at: https://webarchive.nationalarchives.gov.uk/ukgwa/20100202113554/Exchange rates from HMRC in CSV and XML format.
You are free to use any of the supplied rates or one of your own choosing. 
HS261 Foreign Tax Credit Relief: Capital Gains (2018) and
Relief for Foreign Tax Paid 2024 (HS263).
Thank you.

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