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Posted Mon, 30 Dec 2024 16:49:09 GMT by Martin Alloway
I inherited some shares that are quoted on the Nasdaq. I’m planning on selling them and will be liable to US and UK tax. I understand that I am only required to pay tax once. 1. Can I choose where I pay tax or will it be US as that is where the shares are held? 2. How do report the tax that has been paid? Is it just a sum entered on self-assessment or do I need to give an official reference?
Posted Mon, 13 Jan 2025 10:08:40 GMT by HMRC Admin 17 Response

Hi ,
 
You will pay tax in the country you are tax resdient.

As UK resident, you can then claim foreign tax credit relief for the tax paid in the US .

Thank you . 

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