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Bank Account One Off Sale

16/01/2019 14:30:05
For 2017 my fathers home in USA was sold and I received a portion of the realised sale price. Since entirety of the proceeds are in the USA , and the filing and all tax monies paid to the American tax authorities ( California and Federal), how does this impact on my 2017 self assessment when filing?
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Re:Bank Account One Off Sale

16/01/2019 14:43:33
Hi,

Thanks for your question.

You will have to declare the gain on the foreign income page (SA106) of the tax return.

You can claim foreign tax credit relief for the amount of tax already paid in the USA.

You will also have to show the gain on the Capital Gains page SA108.
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Bank Account One Off Sale

16/01/2019 14:51:41
Thanks
What will I use for the conversion from US Dollar to UK pound. My tax return is all dollar amounts, so needs converting.
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Re:Bank Account One Off Sale

16/01/2019 14:56:30
Hi,

Please see the following link for exchange rates.

HMRC exchange rates for 2018: monthly