Skip to main content

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

Posted Sat, 10 Dec 2022 12:42:46 GMT by Shing
Hi, I landed in the UK in Jan. 2022, and I started working in Jan. 2022 as well. I just found out that the UK tax year is quite different than Canada's, which coincides with the calendar year. I have been paying taxes via PAYE so far. I just learned that I should have reported any interests, dividends, and capital gains from my TFSAs. I am quite sure that any interests and dividends earned from the end of Jan. 2022 to the end of Mar. 2022 (about 2 months) were quite low. Should I report this now? Will I get penalised for reporting this now? I am still learning how to live in the UK, so I hope I won't get penalised given how little time I had earlier this year to deal with this, having freshly arrived in this country. Please advise. Thank you.
Posted Tue, 13 Dec 2022 10:45:05 GMT by Shing
Hi, I just learned that I can still report any capital gain/loss made since I have landed in the UK. I'd like to check my understanding. 1) I can still report any gain/loss made in the tax year Mar. 2021 to Apr. 2022 by Dec. 31, 2022. It is not too late. 2) I only need to report any gain/loss made since my arrival date in the UK. I do not need to report any gain/loss made while in Canada before landing in the UK. Any help would be much appreciated. Cheers.
Posted Tue, 13 Dec 2022 10:48:27 GMT by HMRC Admin 32

Please refer to guidance here:

Tax on foreign income

Thank you.
Posted Tue, 13 Dec 2022 11:38:34 GMT by Shing
Thanks for that. I am not domiciled in the UK, and I am not bringing in any money from abroad. So, I do not need to report any capital gain/loss so long as they remain in my accounts in Canada. Is my understanding correct? Cheers.
Posted Wed, 14 Dec 2022 15:49:58 GMT by HMRC Admin 10
You will need to review the guidance at RDR1, to determine your residence status.  
If split year treatment applies and you have capital gains tax to pay, you can declare the gains by submitting an online tax return before 31 January 2023.  
The deadline for paper tax returns was 31 October 2022, so a paper return would receive a £100.00 late filing penalty.  
If you need to declare split year treatment, you will need to either purchase 3rd party software that meets HMRC standards or submit a paper tax return.  
You can find guidance on residence, domicile and remittance at :
Residence, domicile and the remittance basis: RDR1
Posted Thu, 15 Dec 2022 08:31:12 GMT by
Hi Shing,

We are unable to confirm if this is the case.

This is a decisions you will have to make.  

Please review the guidance at: 

Residence, domicile and the remittance basis: RDR1

Thank you. 
Posted Mon, 19 Dec 2022 11:27:58 GMT by Shing
Thank you for your reply. An accountant will be representing me.

You must be signed in to post in this forum.