Sterling conversion
I moved to the UK from Australia and now I’m looking to sell my family home. To calculate my gain, I’m:
1. converting the purchase price to sterling at the spot rate on the purchase date.
2. converting the sales proceed to sterling at the spot rate on settlement.
3. calculating the sterling gain as the difference between 1 and 2 above.
Is that correct?
I've seperately adjusted for associated expenses and for PPR and letting relief. I'm now domiciled.
Treatment of mortgage
I also have a mortgage on purchase and some mortgage remaining on sale - is that factored into (i) the CGT calculation or (ii) sterling conversion?
Thanks in advance.
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