Non Uk Resident - UK CGT

[a4ward]

Afternoon all,

I'd like some perspective:

I am Non UK resident - I meet the third overseas automatic test. I have lived in Ireland for 5+ years now.

I am UK Domiciled. I still have assets in the UK (Shares / units in funds - no physical property).

My understanding is that I can sell my investments in the UK without paying any CGT on them now I have been overseas for 5+ years - as a general rule.

It is worth noting some of the funds have been invested from cash in my UK bank account during that 5 year period - does that have any impact on whether I can sell without UK CGT?

Lastly - can I send money from Ireland, to the UK investment account (with excess surplus income) and invest it in my UK account and then realise it without paying CGT? I do not intend on remitting those funds back to Ireland - and I understand I do not therefore owe Irish CGT either.

Thanks

[AGoodman]

Yes, CGT is not payable by non-residents on any disposals other than UK land or assets deriving their value from UK land.

You are outside of the temporary non-residence rules so no UK CGT would be payable.

No idea on the Irish rules governing the remittance basis.

[a4ward]

Many thanks for coming back.

OK - and me sending surplus income back to the UK to invest in my UK account would not get caught under anything - i.e. its 5 years of non residence, not 5 years since assets were invested in the UK, so presumably I don't need to worry in that regard?

I appreciate you cannot comment on remittance of income back to Ireland.

[someone]

If you're Irish tax resident then ETFs/ETPs are mostly caught by the Exit tax (not CGT) and will be taxable in Ireland at 41% regardless of where they're held. If they are subject to Irish Exit tax then they'll also be caught by the 8 year deemed disposal rules so you can't just hold them until you leave Ireland.

Up until recently, US domiciled ETFs were not (I believe) caught by the Exit tax but I think that has recently changed.

[a4ward]

My understanding is that is not the case.

I am ordinary resident in Ireland but not domiciled in Ireland. My domicile is UK so as long as I don't remit into Ireland, there is no tax.

See link here

http://uklegal.ie/irish-tax-on-uk-source-income/

Can you confirm your source of information please?

[someone]

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-27/27-01a-03.pdf

See footnote 1 for the US domiciled change.

Following to https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-27/27-04-01.pdf

Section 4 Taxation of Investors

Where a person acquires a material interest in an ‘equivalent’ offshore fund in the
EU/EEA/OECD, that person is a chargeable person for that period. This means that
they must file a Form 11 / CT1 as appropriate and must include details of the
offshore fund in that return. It should be noted that the onus is on the individual and
not the offshore fund to make a return.
Where there is a payment from, or a disposal of an interest in, an offshore fund
(including an 8 year deemed disposal under section 747E) that amount must be
included in the Form 11 or Form CT1 as appropriate (refer to 4.1.4 below for an
interaction with the deemed disposal and actual disposals).


https://www.nathantrust.com/etf-tax-ireland says there are some funds that don't trigger this.