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Do I need to pay capital gain tax on the sale of overseas residential plot/land

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stonecold | 11:18 Thu 11th Aug 2011 | Business & Finance
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I took a personal loan in uk and bought an overseas residential plot two years ago. Now i am planning to sell my overseas residential plot and buy a house in UK and use sales proceeds of residantial plot towards my mortgage deposit in UK. Please advice whether i need to pay any capital gain tax on overseas residantial plot/land. If yes, then what tax relief can I get.
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technically yes, in reality don't mention it!
An irresponsible answer from R1Geezer. You should most certainly mention the transaction to HMRC...before they mention it to you! Impossible to say without lots more info whether or not there'll actually be anything to pay, though.
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Thank you very much Tom Braider for your answere. Please see below more details regarding my property:

I took a personal loan of £19k plus £6k of my savings and bought a residential plot overseas which cost me £25k. Now i want to sell this plot and can sell around £32k (if i convert the currency). I paid around £3k interest on my personal loan. There is currency rate difference/fluctuation as well in two years. I need to travel which would cost me £500 air ticket in order to sell my property plus i also need to pay some taxes on overseas property i.e. development taxes overseas which is around £500. I also need to pay property agent who will help me to sell property which cost me around £500. My other expenses i.e. food, travelling etc.

Someone advice me that i would have £10600 pound tax relief? I am not sure.

Please advice how much you think that i have to pay tax.

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Do I need to pay capital gain tax on the sale of overseas residential plot/land

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