Capital Gains Tax for British Citizen living offshore

This is a discussion on Capital Gains Tax for British Citizen living offshore within the General Trading Chat forums, part of the Reception category; Hello, New to this site, I came looking for advice after I spent a few hours looking for my answers ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Oct 31, 2017, 9:02pm   #1
 
2 Posts
Joined Oct 2017
Capital Gains Tax for British Citizen living offshore

Hello,

New to this site, I came looking for advice after I spent a few hours looking for my answers on the government website and didn't find them.

My current situation is that I am a UK citizen. I live outside of the UK for approx 10-11 months a year. I do not pay tax on my earnings and they are paid into an offshore account.

I am trading with Degiro and I have to transfer funds into the account from a UK account (Natwest). They will not allow transfers from my offshore account (Isle of Mann.)

My thoughts are, do I have to declare/pay capital gains tax on my stocks when I withdraw from the trading account if I live outside the UK?

Thanks for any help.
hellojonw is offline   Reply With Quote
Old Oct 31, 2017, 11:09pm   #2
 
malaguti's Avatar
Joined Nov 2009
Quote:
Originally Posted by hellojonw View Post
Hello,

New to this site, I came looking for advice after I spent a few hours looking for my answers on the government website and didn't find them.

My current situation is that I am a UK citizen. I live outside of the UK for approx 10-11 months a year. I do not pay tax on my earnings and they are paid into an offshore account.

I am trading with Degiro and I have to transfer funds into the account from a UK account (Natwest). They will not allow transfers from my offshore account (Isle of Mann.)

My thoughts are, do I have to declare/pay capital gains tax on my stocks when I withdraw from the trading account if I live outside the UK?

Thanks for any help.

"Even though you may be deemed non-resident for income tax purposes, you are treated as temporarily non-resident for capital gains tax purposes for up to 5 years"
Pay Up! as long as of course you are under the capital gains exempt amount for the year
malaguti is offline   Reply With Quote
Old Nov 1, 2017, 5:56pm   #3
 
2 Posts
Joined Oct 2017
hellojonw started this thread
Quote:
Originally Posted by malaguti View Post
"Even though you may be deemed non-resident for income tax purposes, you are treated as temporarily non-resident for capital gains tax purposes for up to 5 years"
Pay Up! as long as of course you are under the capital gains exempt amount for the year
Hello Malaguti!

Really appreciate the advice. I did read something along the lines of this but I still wasn't sure of the exact answer.

Do people generally employ an account to deal with their capital gains tax or is it easily managed via a self assessment?

Thanks.
hellojonw is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
18% Flat Capital Gains Tax? marlintrdg Spread Betting & CFDs 4 Apr 12, 2008 1:13pm
save on capital gains tax by using the right software kris_k Trading Software 1 Mar 28, 2008 12:47pm
Buy to Let- Capital Gains Tax Question mik1973 Home Trader 4 Nov 25, 2007 10:13pm
Capital Gains Tax to 18% ? Jack o'Clubs Home Trader 25 Oct 11, 2007 10:10pm
Capital Gains Tax seancass Home Trader 33 Jan 20, 2005 1:31am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)