Foreign Capital Gains

Hello, Due to the sale of the US arm of the company I work for I received a payout due to PIU I had received. While I understand this considered to be a sale of shares and so requires payment of capital gains from HRMC point of view I have a few questions: 1. As no tax was paid in the US, do I need to complete sa106 foreign income? The notes linked below contain the text 'Do not use the ‘Foreign’ pages for: • capital gains from the disposal of overseas assets – use the ‘Capital Gains Tax summary’ pages', which would suggest not. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1062228/sa106-notes-2022.pdf 2. I know I have to use the HMRC interest rate but is that based on the date the sale was completed or the date I received the money?There was a gap while I sorted out the US tax side of things. Thanks Neil

Hi,

1. If no US tax was deducted, completion of the SA106 will not be required.
2. The applicable exchange rate will be the rate for the month in which the sale was completed.                    

HMRC exchange rates for 2023: monthly

Thank you.

Hi, Thanks for the information, that confirms what I already thought. Although I do have one final question, for some reason some I received a further payment related to the sale six months later (I'm not 100% sure why). Should this be a separate entry using the month it was processed or based on the original month of the sale? Thanks Neil

Hi
You would need to clarify why the additional payment has been made as it may need to be classed as an amendment to the original submission.

Hi, We email again the second payment was due to an amount been held back in escrow. So I believe should be based on the original sale date as that is what relates to it was just not sent until a later date