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Posted Tue, 06 Sep 2022 17:26:57 GMT by Piotr Sochocki
Hi I wish to claim remittance basis for tax year 2021/22. I have lived in the UK for the last 5 years and am not UK domiciled, hence I will not be liable to pay a Remittance Basis Charge. In that year I sold shares held in the US and mutual funds held in Luxembourg realising capital gain. None of the proceeds have been remitted to UK. I am filling in Self Assessment and am a bit confused whether any of such foreign but unremitted gain needs to be reported in the Self Assessment form. I understand from other responses in this forum that only remitted capital gains should be reported. Could you please confirm that such foreign capital gain which is not remitted to the UK does NOT need to be reported 1) anywhere on SA106 form (Foreign) 2) anywhere on SA108 form (Capital Gains) as this should only report capital gains on UK held assets realised in a year when remittance basis is claimed 3) Furthermore these capital gains do NOT need to be reported in Box 35 (nominated gains) on SA109 Residence, Remittance form... even though I have ticked Box 28 (remittance basis claim) but have not ticked either Box 31 or Box 32 (i.e. I am not liable to pay RBC). Nominated Gain in Box 35 would only need to be specified if there was RBC to pay. Is that correct? And if it is not could you please explain where exactly foreign capital gains, not remitted to the UK, for a taxpayer that does not need to pay RBC, need to be reported in the Self Assessment? Many thanks P.
Posted Fri, 09 Sep 2022 15:06:59 GMT by HMRC Admin 20
Hi Piotr Sochocki,

Please refer to guidance at:

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

Thank you.

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