Hi all,
I've been working hard over the last year to understand and properly report the earnings on my Canadian investment, as a Canadian living and working in the UK indefinitely. Notably, I am not bothering with the remittance basis, and simply opting to report everything and pay on the arising basis, because of the uncertainty of staying and because for the most part, I fall under the various personal allowance limits...
In Canada, I have changed my status for tax purposes to non-resident -- so I don't file taxes there, and my investments withhold 15% on my dividend earnings (filled in the forms to get the UK tax-treaty rate).
In the UK, the first year, I only had dividends to report, and then I simply added up the total amount of cash that was withheld (I got this from a spreadsheet provided by my broker) and the total amount that I received in cash (i.e. I did not include the total that went into the Dividend Reinvestment program for the related funds), and reported these as tax paid and foreign income, respectively.
This time, I have some capital gains, and I may do again next year. Both capital gains amounts will be under the personal allowance of £11,700 for capital gains. The gains are on stocks and ETFs traded on the Toronto Stock Exchange.
To keep this query short now: I will work to figure out how to calculate and report the numbers correctly, but I would like to know what the right answer should be at the end of the day. Will I really not owe any tax on these capital gains, so long as the gains are under £11,700? In other words, assuming no other foreign income (forget the dividends and interest), would my tax-owing be £0?
Thanks a bunch.
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