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Posted Mon, 01 Jul 2024 21:12:28 GMT by Sarah
In the 2023-2024 tax year I sold my Australian shares and did not pay Australian tax on the profit as I'm no longer a resident. The total profit I made is about £2500. I understand I need to do a Self Assessment to declare this but I'm very confused regarding which option on the 'foreign income' page this would fall under. The most fitting answer I can fine is 12 'Any other overseas income and gains'? I have looked into a tax advisor but the quote have been so expensive that I'm trying to sort this on my own, but finding it very baffling! Many thanks for any advice.
Posted Thu, 04 Jul 2024 09:45:02 GMT by HMRC Admin 25 Response
Hi Sarah,
This would be a capital gain but it is covered by the annual exemption.
If the actual proceeds before any costs were less than £50,000, you do not need to declare.
Thank you. 

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