When are overseas gains taxable in the UK?

When are overseas gains taxable in the UK?

Postby Nish on Wed Jan 25, 2012 5:37 pm

I am a UK resident, ordinary resident, uk domicile. I have sold an investment property in India and paid tax there.

Would I only have to pay tax if I bought the gains back to the UK or would I have to pay tax on worldwide income as in the tax year that the gain arises in regardless of where Ikeep the gains?

If I left the gains there and reinvested them would I still have to pay the difference in CGT according to the double tax relief?
Nish
 
Posts: 1
Joined: Wed Jan 25, 2012 5:28 pm

Re: When are overseas gains taxable in the UK?

Postby pawncob on Wed Jan 25, 2012 9:32 pm

You're a UK taxpayer so pay tax here on your worldwide income and gains.

If there's further UK CGT due, you'll get an allowance for tax paid elsewhere under the double tax agreements.
With a pinch of salt take what I say, but don't exceed your RDA
pawncob
 
Posts: 2262
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex


Return to Capital Gains Tax

Dorifor Internet Marketing Dorifor Tax Group - our portfolio of tax sites:

UK's largest independent tax portal All the tax books on one site global tax seminars, conferences and other events Global tax jobs portal List of UK recruitment agencies and employers