Does my spouse need to file tax returns for FY 2023-24?

My spouse is a UK tax-resident. She is not employed and her income from savings is less than 10K GBP. However, she has made about 32,000 USD capital gains by selling foreign shares worth 100,000 USD this fiscal year. If she pays her due capital gains tax using the Real Time Capital Gains service, then does she still have to file returns using self-assessment tax, considering that these are foreign shares and that the value of the shares she sold is quite high?

Hi,

Yes, as you wife is in receipt of foreign capital gains, this is a requirement for completing a Self Assessment tax return. The gains would be shown on SA108 and if foreign capital gains tax is paid on the gain, this is declared on SA106 and a foreign tax credit of up to 100% of the foreign tax can be claimed, to avoid double taxation.

Thank you.