This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Liability to UK Capital Gains Tax.

taxbill
Posts:35
Joined:Wed Aug 06, 2008 3:42 pm

Postby taxbill » Mon Mar 10, 2008 8:29 am

John is a UK national. He has been non resident in the UK since May 2003.He works in the Far East. In 2007 he buys some US shares. Their value increases and now he considers taking the gain (say £50,000).
Does he have any liability to UK capital gains tax and if so does delaying the taking of profit help his tax position.

Bill

Simon Sweetman
Posts:1690
Joined:Wed Aug 06, 2008 3:11 pm

Postby Simon Sweetman » Tue Mar 11, 2008 2:43 am

He is not resident in the UK so does not pay UK CGT on such a sale.

Jimpy
Posts:10
Joined:Wed Aug 06, 2008 3:46 pm

Postby Jimpy » Fri Mar 28, 2008 5:40 am

Agreed, he is not resident and therefore prima facie not subject to UK CGT. Going one step further, this holds firm against the 5 tax year rule since the asset was purchased and is being disposed of in full years of non residence during his time overseas.


Return to “International Tax”