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Posted Wed, 08 Jan 2025 14:21:57 GMT by Jason530
Hi, I moved to UK and became UK tax resident in 2023-24. Before becoming UK resident, I hold a portfolio of US shares and I sold some of them after I became UK resident. How should I value the cost of the shares I sold for UK CGT purpose? Can I use First in first out costing method to determine the purchase costs of these shares I purchased before becoming UK resident and transfer this cost to s104 pool for computing CGT? Or I have to follow the same same day rule and then s104 pool costing for these shares acquired before becoming UK resident (I assume bed and breakfast rule does not apply as I was not UK resident before)? For easy reference, 31/1/2020 Buy 10 share @ 100 28/2/2020 Sell 5 share @ 120 31/3/2020 Buy 10 shares @ 110 30/4/2020 Sell 5 shares @ 100 No B&S since then 6/4/2023 become UK resident and still hold 10 shares, then I sold these 10 shares on 30/4/2023. What is the cost of these 10 shares? If FIFO applies before I arrive UK, this would be @110 If follow s104 pool rule, this would be @73.33 Please advise.
Posted Thu, 23 Jan 2025 14:48:36 GMT by HMRC Admin 20 Response
Hi,
If they are all in the same company the S104 holding rules will apply.
Thank you.

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