Capital Gains Tax for British Citizen living offshore

Oct 31, 2017
2
0
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#1
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.
 

malaguti

Well-known member
Nov 3, 2009
2,249
414
93
#2
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
 
Oct 31, 2017
2
0
11
#3
"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.