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Posted Mon, 22 Jan 2024 21:32:05 GMT by
I have disposed of some US shares and am confused where I should declare the profits on my SA? It seems there are two options either as Capital Gains or as Foreign Income which one is appropriate? I have not repatriated the proceeds yet but I undertand that I should use the exchange rate at the time of the sale is this correct?
Posted Thu, 25 Jan 2024 15:42:41 GMT by HMRC Admin 25
Hi simon jackson,
Using the 'arising' basis, you would declare the disposal of the share in the tax year the disposal takes place.
Shares disposed of for more than they were acquired for may result in a capital gains liability.
As the share are foreign shares, you would declare them in the capital gains section of SA108, either in the section for listed or unlisted shares and securities.
If overseas tax is deducted on the disposal, then this tax is declare in the foreign section of the tax return on page F5 of SA106.
When completing the onine tax return, these sections can be found in by ticking yes to a capital gains and to claiming a foreign tax credit, when tailoring your return on page 1 of 3.
Thank you. 


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