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Posted Wed, 22 May 2024 16:11:44 GMT by belgiumqq
If my parents send company shares to me as a gift before I become a UK resident, and after I become a tax resident, I plan to sell it. Will the sales proceeds be subject to capital gains taxes?
Posted Tue, 28 May 2024 09:47:20 GMT by HMRC Admin 21 Response
Hi belgiumqq,
Yes, provided you make a gain when you dispose of them.
Thank you.
Posted Wed, 05 Jun 2024 11:14:56 GMT by belgiumqq
Thanks. With regards to the gain/loss calculation, which price should be the acquisition price? On the date when the shares were gifted (before I becoming a tax resident) or on the date of the start of the financial year when I become a tax resident? Some of the shares are issued by non-UK territories. How would the exchange rate be determined when calculating the gain/loss? Calculate the gain/loss (in foreign currencies) then have the result converted into GBP, or have the sold price (in GBP) minus the acquisition price (in GBP)?
Posted Fri, 07 Jun 2024 12:19:46 GMT by HMRC Admin 10 Response
Hi
The purchase price would be what the original person paid for them.

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