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Bringing proceeds of sale of US business into UK

Posted Mon, 16 Oct 2023 13:59:03 GMT by
A business has been sold in the US, with US taxes paid on both the income and gains. The owner of part of the business is UK based. Will there be any additional taxes to pay if the proceeds of sale are now brought back to the UK.
HMRC Admin 20 Response
Posted Thu, 19 Oct 2023 10:23:26 GMT by HMRC Admin 20 Response
Hi AF24,

If the owner is UK tax resident, they need to declare the sale as a capital gain and can claim relief for the US tax paid to reduce any UK tax due.

Thank you.

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