Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 16 Nov 2023 10:08:14 GMT by
What happens when you close a French PEA and Assurance Vie when UK Taxable?
Posted Fri, 17 Nov 2023 15:35:23 GMT by HMRC Admin 32
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.
Posted Sat, 02 Dec 2023 07:31:15 GMT by
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
Posted Tue, 05 Dec 2023 15:55:04 GMT by HMRC Admin 32
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.

You must be signed in to post in this forum.