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Posted Fri, 19 Aug 2022 19:10:53 GMT by nick zg99
Dear HMRC, I lived abroad since 2014 and currently I am still a non-UK resident. But I still use my UK trading account to buy funds, stocks and futures. However I didn’t make gain from those trading. Should I report those gains and losses in Self-Assessment each year? I understand that I don’t pay Capital Gains unless I return to the UK within 5 years of leaving. Therefore I understand that I don’t need to do the self-assessment. Is there a penalty if my understanding is wrong and I am supposed to do the self-assessment? If I need to do the self-assessment, can I calculate all the gains and losses since 2014 in this current year’s self-assessment?
Posted Mon, 22 Aug 2022 13:47:01 GMT by HMRC Admin 18
Hi,

You are correct in your understanding that non-residents do not pay Capital Gains tax on any UK assets other than residential property - unless, that is, they return to the UK within 5 years of leaving. Completion of a Self Assessment tax return is not therefore required. See link below:

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.

 

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