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Where Taxpayers and Advisers Meet

CGT on shares bought abroad

Steffff
Posts:7
Joined:Fri Mar 31, 2017 3:52 am
CGT on shares bought abroad

Postby Steffff » Fri Mar 31, 2017 4:10 am

I have been travelling in South East Asia for the last 16 months and sustained myself through share dealing (I am registered Self Employed in UK and submitted my last return from Malaysia - no income)

I have made about 40 trades - all buying and selling the same stock and only one outside the 30 day 'bed and breakfasting rule' - which I haven't fully grasped. At the end of the last tax year I made a loss of 20k which I have not yet reported. Until a few weeks ago, when I bought back in, this tax year would have seen that loss erased with a gain of 50k. If I was to sell up today, just before the end of this tax year that gain would be reduced to 30k. It's further complicated by the fact that I'm trading in dollars and have no immediate plans to convert back to sterling.

Do I owe CGT if I have been doing this from abroad? What are my best options if I don't think my stock will rise in the next month?

Steffff
Posts:7
Joined:Fri Mar 31, 2017 3:52 am

Re: CGT on shares bought abroad

Postby Steffff » Fri Mar 31, 2017 7:38 am

& conversely if I think it will rise (it's an ETF oil tracker). It's further complicated by some inevitable rollover losses that will occur from Monday through the end of the tax year on Wednesday.

Many tks :)

Steffff
Posts:7
Joined:Fri Mar 31, 2017 3:52 am

Re: CGT on shares bought abroad

Postby Steffff » Fri Mar 31, 2017 8:59 am

PS should add, have taken about 20k out of the investment account to fund travels, as necessary


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