Hi
I am UK tax resident and made a gain on the sale of my holiday apartment in Spain. I will suffer about 19% "Spanish CGT” and prima facie 28% UK CGT (less a credit for the foreign tax).
I am thinking about making some EIS investments and claiming for UK CGT to be deferred.
I understand that I can restrict my EIS claim to cover however much of my UK gain that I wish (eg to utilise my CGT annual exemption) - but I can not find anything that confirms the order of set-off of EIS and double tax relief.
It seems logical that if I claim enough EIS deferral relief to completely extinguish my UK gain, I will have nil UK CGT tax payable and hence get nil credit for my foreign tax.
Could I though just claim enough EIS to leave my UK tax bill exactly equal to my foreign tax bill?
Alternatively, could I instead opt to deduct all the foreign tax suffered as an expense in the UK calculation of my capital gain and then use EIS to defer the resulting gain?
Any help appreciated.
Thanks.
Peter
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