G
greenandred
Guest
Hope some one can help.
Does capital gains tax calculations take account of how you financed your foreign property investment ?
1.For example let say you bought property in UK with 100% sterling finance therefore no sterling exposure, your gain is calculated based on the exchange rate for the date of purchase and date of sale - straightforward.
2.Now let you say you bought and sold property in UK on the same days above with your own euro funds and exchange rate moves against you by 10%. Is the capital gain calculation the same as 1 above or is it reduced by your exchange loss ?
Finally in relation to off plan purchases is the transaction date for capital gains tax the completion date rather than the contract date.
Thanks
Green and Red
Does capital gains tax calculations take account of how you financed your foreign property investment ?
1.For example let say you bought property in UK with 100% sterling finance therefore no sterling exposure, your gain is calculated based on the exchange rate for the date of purchase and date of sale - straightforward.
2.Now let you say you bought and sold property in UK on the same days above with your own euro funds and exchange rate moves against you by 10%. Is the capital gain calculation the same as 1 above or is it reduced by your exchange loss ?
Finally in relation to off plan purchases is the transaction date for capital gains tax the completion date rather than the contract date.
Thanks
Green and Red