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Posted Thu, 15 Jun 2023 22:55:18 GMT by
Dear HMRC, I am a non-domicile tax resident. I used the 'Arising Basis' in my 1st year and 2nd year after immigrating to the UK. In the 3rd year, I used the 'Remittance Basis', I got an overseas capital gain (£100,000), and I kept it in a separate overseas bank account, and not remitted it until the 9th year. From the 4th year to the 9th year, I switched back to using the 'Arising basis'. My questions: 1. In the 4th to 9th year (using Arising basis), will I lose my Personal Tax Allowance every year due to still holding the unremitted overseas capital gain (£100,000) that was obtained in the third year? 2. In the 9th year, if I bring this overseas capital gain (£100,000) into the UK, will I have to pay Capital Gain tax for this £100,000? Will I need to pay any other fees or taxes for this action? Thank you.
Posted Wed, 21 Jun 2023 11:05:17 GMT by HMRC Admin 25
Hi bmc,
You used the remittance basis in the year your disposed of an asset, making a gain of £100,000.  
You complete the tax return for the year of remittance, declaring the amount and type of remittance being claimed.  
In the following tax years, if you use the arising basis, you are entitled to personal allowance in those tax years.  
If you bring the gain to the UK in a future tax year, you will be liable to tax on the gain in the future tax year, with the gain being declared in a tax return for that year. There would be no other fees or taxes for this gain, just Capital Gains Tax on the disposal of an asset.  
The rates of tax would depend on the type of gain that was remitted.
Thank you, 

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