Skip to main content

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

Posted Mon, 17 Jan 2022 10:18:00 GMT by ilnomis
My main question is as a British citizen and if I move abroad ('temporarily'), how would my existing investments (e.g. shares, funds, investments in startups etc) be taxed when I liquidate them? 1: Is it correct that generally, when I leave the UK, any capital gains (above the personal allowance), is not liable for UK CGT as long as I do not return to the country within 5 tax years? 1a: Do I become a non UK resident after 5 full tax years, i.e. does the first and last years have to be the full 365 days or just more that 182 days? 1b: How many days can I return to the UK each year without becoming a UK resident again? 1c: (depends on answer to a) If I dispose of an asset whilst in the UK, then move abroad and will be abroad for more than half of the UK tax year (subsequently remaining abroad for 5 years) would I be liable for CGT? 1d: (depends on answer to a) if I remain in the UK for more than half of the tax year, then move abroad (subsequently remain for 5 years) and then dispose of an asset would I be liable for CGT? 1e: (depends on answer to a) if I dispose of an asset whilst in the UK (remain in the UK for more than half of the tax year) and then move abroad (subsequently remaining abroad for 5 years) then how would I complete self assessment? Is this where KPMG can complete the paperwork on my behalf? 2: (Depends if Q1 is true) assuming that during the first year being abroad, I dispose of an investment and make a capital gain (above allowance), I subsequently settle back in the UK in the third tax year (hence becoming a UK resident again) then do I just submit the CGT details via self assessment as per usual (as this is what I usually do) or would there be a different procedure? 3: I currently have invested in some startups, provided that I meet the requirements for investor's relief, does disposing of these assets work differently compared with shares and funds (assuming the above conditions, moving abroad etc)? 4: I currently do not work would I need to let HMRC that I'll be moving abroad? Thank you
Posted Mon, 17 Jan 2022 14:01:50 GMT by HMRC Admin 17

Hi,
 
Please see guidance here regarding on resident capital gains :

Temporary non-residents and Capital Gains Tax (Self Assessment helpsheet HS278)  .

If you would like to discuss this in more depth then it would be best to contact us directs:

Self Assessment: general enquiries    .

We are unable to assess hypothtical situations and can only comment on guidance as it stands just now.

Thank you. 

You must be signed in to post in this forum.