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Posted Mon, 07 Oct 2024 16:55:03 GMT by sungirl
If I am a non UK tax resident for more than 5 years but jointly own UK shares in a UK investment account with a sibling who remains a UK tax resident, am I liable for CGT on my 50% interest in any capital gains upon liquidation of the account? My understanding is that we are each responsible for our respective CGT on our 50% shares such that I have no UK CGT liability but he will as a UK tax resident. Thank you.
Posted Wed, 16 Oct 2024 15:30:24 GMT by HMRC Admin 13 Response
Hi 
You would need to consult the tax treaty with your country of residence, to ensure that the capital gain is covered.  
Guidance is available at: Tax treaties 
If the treaty gives your country of residence the right to tax your gain, you would not have to pay any capital gains in the UK.  As a UK resident, your brother would have CGT to pay.
Thank you
Posted Sat, 19 Oct 2024 13:54:22 GMT by sungirl
Hi, thank you but what if there is no double tax treaty (Bermuda)? The basis of my question is simply: from HMRC's perspective, are 50% of capital gains on UK shares held jointly by a UK tax resident and non UK tax resident non taxable by the UK on the non UK tax resident's share? i.e., it's up to the non resident's country's tax regime regardless of tax treaties. thank you
Posted Mon, 28 Oct 2024 10:27:21 GMT by HMRC Admin 18 Response
Hi,

UK will not tax the non UK resident for CGT on shares.

Thank you.

 

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