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Posted Tue, 16 Jan 2024 11:21:13 GMT by
I moved to Singapore from the Uk in q3 2022 and am returning in June 2024 with my employer. So just under two years. I was awarded a bonus in June 2023 that vests in June 2024. It will have vested before I return to the UK but I will not have the shares before I return due to an admin delay (60-90 days to deliver) and won’t have sold them. I will have paid income tax on the full current value on leaving as part of the Singapore deemed exercise (currently above the grant price) even though I won’t have the shares. I will then probably sell the shares once I have administratively got access to them (likely in q3/4 2024). I would like to know if this is subject to either income tax or CGT in the UK. The bonus is exclusively for work in Singapore and will vest before we return. If there is any income tax is there an element of double taxation relief. If there is any CGT what amount would that be on? The amount I paid for the shares, the increase above grant price or the increase above the amount I would already have paid income tax on after leaving Singapore? I also have shares vesting in two years time granted for my performance last year (again I will have paid tax on leaving Singapore at their prevailing value). Will this be subject to income or CGT? Finally, instead of a pension in Singapore my employer and I pay money into an Orso/CPF scheme. On leaving Singapore this money will be paid to me as I won’t be in Singapore to receive a pension (paid 90-120 days after I leave) ie I’ll be back in uk but it’s purely referable to Singapore work. The employer contributions are already taxed on income too ie I’ll have paid the tax on heir contributions. Would this sum be subject to any additional tax in the uk once I receive it? And is there any relief if so? Thaks very much.
Posted Thu, 18 Jan 2024 09:56:31 GMT by HMRC Admin 20 Response
Hi Accb3773 Bryan,
HMRC cannot comment on future events as legislation and/or events may change.
Thank you.

 

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