24/09/2026
Sold your place in France for exactly what you paid for it? You might still get a tax bill.
Here's the bit that catches people out. HMRC works the gain out in pounds, not euros. It converts what you paid at the exchange rate on the day you bought, and what you sold for at the rate on the day you sold.
A pound bought 1.41 euros in the summer of 2015. Last week it bought 1.16
So a house bought for 300,000 euros back then and sold for 300,000 euros now hasn't made you a penny in France. In HMRC's books it's a gain of £44,010 before costs, and a bill of just under £10,000.
We've written the whole thing up. What you can knock off the gain, why the 60-day deadline you may have heard about doesn't apply here, and the free helplines worth ringing before you pay anyone. Plus the second cost most people forget, which is what it actually takes to get the money back into a UK account.
Illustrative figures using published Bank of England rates. Tax depends on your own circumstances, so do speak to someone qualified, we do work with specialists in this area so feel free to ask.
Sell your place in France for exactly what you paid and you can still owe HMRC nine thousand pounds. Why capital gains tax is worked out in sterling.
