seeker2122
New member
I sold my foreign property in a market with highly volotile FX rates, so timing in calculation is important here.
Now as I am submitting my tax return I am trying to work out right way of calculating capital tax gains. Here are three events with some references:
Time
Amount in local currency
GBP equivalent
Date of purchase of the property
A
X
Date of me becoming UK tax resident
B = unknown but can be assumed A as latest valuation date
Y
Date of sale of the property
C
Z
How do I calculate my capital gain? Z - Y or Z - X? Or maybe C - B (or A?) using exchange rate at the date of sale?
Also, if my capital gains are negative, i.e. losses. Can I offset them against my employment income?
Thank you very much in advance for any piece of advise on this.
Now as I am submitting my tax return I am trying to work out right way of calculating capital tax gains. Here are three events with some references:
Date of purchase of the property
A
X
Date of me becoming UK tax resident
B = unknown but can be assumed A as latest valuation date
Y
Date of sale of the property
C
Z
How do I calculate my capital gain? Z - Y or Z - X? Or maybe C - B (or A?) using exchange rate at the date of sale?
Also, if my capital gains are negative, i.e. losses. Can I offset them against my employment income?
Thank you very much in advance for any piece of advise on this.