Skip to main content

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

Posted Mon, 15 May 2023 15:25:02 GMT by HMRC Admin 19
Hi Vamsy Malisetty,

You will be liable to Capital Gains Tax as the sale has occured when you are a UK resident. You can see guidance here:

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.
Posted Mon, 15 May 2023 20:59:05 GMT by ktaylor
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.
Posted Wed, 17 May 2023 14:11:43 GMT by HMRC Admin 19
Hi Ashraf Alrashedy,

If you are resident in the UK when the asset is disposed of, you may have Capital Gains Tax to pay. As you do not mention what the asset is you can see more information here:

Capital Gains Tax

Shares and Capital Gains Tax (Self Assessment helpsheet HS284)

Chattels and Capital Gains Tax (Self Assessment helpsheet HS293)

Thank you.
Posted Fri, 19 May 2023 08:35:39 GMT by HMRC Admin 25
Hi Rob Fox,

Please refer to guidance here:
Tax on your UK income if you live abroad
Thank you. 
Posted Mon, 22 May 2023 14:15:59 GMT by HMRC Admin 5
Hi ktaylor,

As a UK resident you will be liable to tax on your worldwide income and as such the US income needs to be declared. you can claim tax credit relief for the tax paid in US - guidance can be found here

Tax on foreign income

Thank you.
Posted Fri, 26 May 2023 13:34:45 GMT by Meddydarya
Dear HMRC Administrator, I hope this message finds you well. I am reaching out to seek clarification regarding the calculation of Capital Gains Tax (CGT) on the sale of a property located in my country of origin. To provide some context, I have recently become a British citizen, currently residing in the UK. I own a property in my home country, which was purchased over 15 years ago when I was still a resident there. I am now considering selling this property and am uncertain about how the Capital Gains Tax will be calculated. Since the time of purchase, the currency of my home country has depreciated by 2000% in relation to GBP. My question is, will the calculation of Capital Gains Tax be based on the difference in the value of my home country's currency or will it consider the relative value to GBP at the time of purchase and at the present? I understand that the process might be complex and would greatly appreciate any assistance or information you can provide. Your guidance will be invaluable in helping me understand my obligations as a British taxpayer. Thank you for your time and I look forward to your response. Best regards, MD
Posted Tue, 30 May 2023 03:32:24 GMT by F Finch
Hello It's possible a question similar to mine has been answered already. I am both resident and domiciled in UK with investments in Australia. I declare the income from these investments on my UK tax return and pay tax in UK. I am considering selling some of the assets and bringing the money to UK. I understand I would pay tax on any capital gain. However, someone I spoke with recently suggested I would also need to pay UK income tax on the original sum invested if I transfer any of the money to UK. The original investments were purchased many years ago, before I was a UK resident, with post-tax income. So, I am confused as to why I would need to pay both Capital Gains Tax and then also income tax if I transfer any of the capital to the UK. I would be grateful if you could clarify. Thank you for your time.
Posted Thu, 01 Jun 2023 10:46:12 GMT by HMRC Admin 10
Hi
This would only apply if you were claiming the remittance basis.
However, as you state you are UK resident and domicile then the remittance bais doesnt apply to you.
You will only be liable to capital gains tax.
Thankyou.
Posted Thu, 01 Jun 2023 21:39:15 GMT by Amanda Kubota
Dear HMRC Admin, I am a UK resident under a skilled worker visa and I am selling a property in my home country, Brazil. I will pay the taxes over Capital Gain there and was planning to bring the money to the UK so I can use it as a deposit for a property here. Do I need to pay taxes in the UK as well or can I just transfer it and use the funds? If I need to pay any taxes over it, when should I pay for it? Thanks in advance for your response. Kind regards, Amanda
Posted Tue, 06 Jun 2023 07:53:46 GMT by HMRC Admin 19
Hi,

As a resident of the UK, you should declare the capital gain on the sale of your Brazilian property in a Self Assessment tax return. You can claim Foreign Tax Credit Relief for the foreign tax already paid. You can see guidance here:       

Relief for Foreign Tax Paid 2022 (HS263)                                                                      

 Tax when you sell property            

As regards the transfer of funds from Brazil to your UK bank account, there are no Income Tax implications unless the funds deposited generate interest. You can see information here:                                                               

Tax on savings interest

Thank you.                                  
Posted Thu, 08 Jun 2023 11:30:30 GMT by bullwicked
Hi HMRC Admin 19 , Following question to your answer. I will be Uk non-domicile resident by Sep2023 assuming If I move to the uk on 1st sep 2023 and start working on 1st nov 2023, will my income until 1st nov 2023 be taxed that is earned outside the UK from previous employer if I am transferring them into the UK? Waiting for the answer. Regards.
Posted Mon, 12 Jun 2023 09:07:12 GMT by llscheno
Hi, my parents want to transfer 35k from Spain to help me buy a property in the UK. Do I need to pay taxes on that loan/gift? I am on a three-year working visa.
Posted Tue, 13 Jun 2023 07:47:21 GMT by HMRC Admin 19
Hi bullwicked,

This depends if you are claiming the remittance basis. You can find information here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Thu, 15 Jun 2023 10:01:40 GMT by HMRC Admin 25
Hi llscheno,
There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.  
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you. 
 
 
Posted Thu, 15 Jun 2023 17:19:48 GMT by Joey Zhou
I am on remittance basis, and if I transfer some USD from offshore bank to a UK brokerage account, convert all of it into EUR, and transfer all the EUR back to the offshore bank, does this USD counts as remittance to the UK? thanks for your help in advance
Posted Fri, 16 Jun 2023 13:22:56 GMT by antonioscotti
Hello. I have been gifted money to my bank account in Italy which I would like to bring to the UK (equivalent of £500k+). Are these taxable?
Posted Sat, 17 Jun 2023 09:07:30 GMT by Fleety95
Hi - I have savings in a French bank account under my name which was set up by my grandmother when I was a child. In order to transfer the money, the French tax authority has requested that HMRC fill in forms and return to me. I sent these over a month ago to the following address, but have not received anything back. I had requested in the cover letter to send me an email on receipt etc Pay As You Earn and Self Assessment HM Revenue and Customs BX9 1AS United Kingdom What should I do ? Pierre
Posted Sun, 18 Jun 2023 06:33:45 GMT by Aird
Hi, I have a british passport but have not lived in UK for 25 years. I have lived in australia and I and my australian wife are looking to retire in UK. If i sell my home here in Australia before I move to UK, can i transfer the funds from the sale (via bank account) to UK without paying any tax on the funds Thanks John A
Posted Wed, 21 Jun 2023 08:04:18 GMT by HMRC Admin 5
Hi Joey Zhou

RDRM34240 states the conditions that must be met before the money is considered exempt from UK tax.

Thank you
Posted Wed, 21 Jun 2023 08:32:35 GMT by Joey Zhou
I cannot find RDRM34240 by googling it. Could you please send me the link to RDRM34240 please? many thanks Joey

You must be signed in to post in this forum.