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Posted Tue, 11 Jun 2024 11:11:07 GMT by uk_us_stock_trader
Hello, I am a non-domiciled TaxPayer who files income Tax on a remittance basis. I have un-remitted capital gains of more then 2000 GBP, so that dis-qualifies me to use annual exempt limit for capital gains. I invest in US stocks via a UK stock broker with the brokerage account located in the UK. I have incurred capital gains and losses from US stock investments in the same financial year for different stocks. I have the below questions regarding the capital gains: 1. Can US stocks capital losses be offset against US stocks capital gains ? I read on HMRC website foreign asset losses cannot be offset , but can they be offset against foreign gains? 2. Am I liable for capital gains tax on profits when I sell the stock (when the profit hits the brokerage account in UK) OR when I move the funds to my bank account (when the profit hits the bank account) 3. My UK stock broker converts GBP to USD when buying US stocks and maintains the proceeds in USD. a) I sold the USD stock in October 2023 and made a profit of 1000$ when USD-> GBP conversion rate was 1.22 (820 GBP) but I converted the USD to GBP and moved it to my bank account in March 2024 when the conversion rate was 1.29 (775 GBP). So should I pay capital gain tax on 820 GBP or 775 GBP? and should these be included as two different transactions while filing self-assessment (one for profits on stocks and one for loss on currency conversion?) b) I sold another stock in July 2023 and made profit of 500$ when the conversion rate was 1.31 (382 GBP) but converted USD to GBP in October 2023 when conversion rate was 1.22 (410 GBP). So should I pay capital gain tax on 382 GBP or 410 GBP and should these be included as two different transactions while filing self assessment
Posted Thu, 13 Jun 2024 16:37:06 GMT by HMRC Admin 20 Response
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  Self Assessment: general enquiries or seek professional advice. 
Thank you.

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