Exchange rate for capital gains calculation

Hopefully a quick question: I sold a house I owned in the US since 2010 finally last year. Should I use the 2010 exchange rate for the cost basis (purchase price) or the 2024-25 rate, for calculation of the capital gain for UK reporting? TIA

Hopefully a quick question: I sold a house I owned in the US since 2010 finally last year. Should I use the 2010 exchange rate for the cost basis (purchase price) or the 2024-25 rate, for calculation of the capital gain for UK reporting? TIA

Yes, use the exchange rate on the date of purchase. XE.com has historical rate tables.

Cheers! 

Hopefully a quick question: I sold a house I owned in the US since 2010 finally last year. Should I use the 2010 exchange rate for the cost basis (purchase price) or the 2024-25 rate, for calculation of the capital gain for UK reporting? TIA

From a UK perspective one uses spot rates for purchase, improvements and sale. The UK allows a credit for US tax paid on any doubly taxed gain. In other words, the UK won't give credit for US tax on the proportion of US tax that relates to any PPR claims or payable on any depreciation recapture.
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