Non resident CGT

by **pjclar02** on Mon Dec 19, 2011 9:33 am

Hello there

Can anyone confirm: a non UK-resident makes a capital gain from the sale of a UK shareholding, which is not liable to UK CGT because he has been out of the country for the required timescale. Does this have to be reported on the tax return? I'm presuming not becuase it is exempt?

If anyone can confirm this that would be great.

Best wishes

Paul

by **pawncob** on Tue Dec 20, 2011 5:46 pm

http://www.hmrc.gov.uk/manuals/cgmanual/cg12600.htm

If you're not resident why would you complete a UK tax return?

by **pjclar02** on Tue Dec 20, 2011 11:07 pm

Thanks Pawncob - the link doesn't explicitly state whether the gain should be reported on the UK tax return, but I have presumed not as it is not chargeable to UK CGT.

The client has other UK source income:- salary, dividends, bank interest and rental income which is why he is completing a UK return.

Thanks for your help.

by **Incredulum** on Wed Dec 21, 2011 1:07 pm

Presumably, even if you do report it, if you have ticked the correct boxes on the residence forms then HMRC won't tax a capital gain.

A little like the income from UK shares for a non-res.