Cgt when selling French assets that are tax free in France

What happens when you close a French PEA and Assurance Vie when UK Taxable?

Hi,

As a Uk resident, HMRC has the right to tax your world-wide income and capital gains and this is declared in a Self Assessment Tax Return. Even if the gain from the French assets disposal is tax free in France, it is still a taxable gain in the UK. You would need to use UK capital gains rules to work out the gain. You would need to workout the acquisition costs in pounds sterling using an exchange rate in use at the time. You would do the same for the disposal and disposal costs, using the exchange rate in use at the time.  

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
You may wish to use the exchange rates from the tables at these links or from another source.

Exchange rates from HMRC in CSV and XML format

Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009

There is a capital gains calculator below to help you work out the gain.

Tax when you sell property

Thank you.

Can the French tax free asset be transferred to wife who has no UK income hence no CG as such. Does the French PEA qualify as a French asset even though it includes shares with dividends? What if once transferred, it is sold so no dividends? Thank you

Hi,

Unfortunately, we are unable to comment on tax matters relating to France. In the UK, there is no capital gains tax liability from the transfer of assets between spouses and civil partners and the gains from disposals of assets can be split 50:50.

Thank you.

If the acquisition price of the asset ( French PEA Shares Saving Plan) was a 100 and 7 years later profit of 40 was taken, then disposing the asset 24 years later at 200 would the profit be a) 200-100 ( the sale of 40 carried out while French Resident) b) 240-100 ( Total amount withdrawn during the life time of the investment) Thank you

Hi,
We can only provide general information / guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on 0300 200 3310, contact our webchat facility at
Contact HMRCor seek professional advice.
Thank you.