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Posted Thu, 06 Jul 2023 12:10:54 GMT by damian24
Hi, I am a Remittance Basis tax payer. I've transferred funds from my home country to my UK based stock broker (their German based Euro account) to purchase Euro and USD denominated stocks and need to ascertain what should be reported this as a remittance. Details : - The initial funding was from South Africa (in Rand) to my account held in Belgium (in Euro). - The payment to my broker (Interactive Brokers) was made via SEPA in Euro from my Belgian account. - My brokerage account is held in Euro, dividends and stock purchases are in Euro/USD (Fees are also in Euro/USD). - I do not purchase UK resident stocks with the account. I do not believe a remittance has taken place on the stock purchases as all transactions happen outside the UK and were purchased on foreign exchanges - I would appreciate confirmation of my understanding in order to complete my self-assessment. I am however unsure as to the treatment of service fees that were paid to my broker, specifically, should these be treated as a remittance even though the broker may have executed a transaction on a foreign exchange? Thanks
Posted Wed, 12 Jul 2023 14:26:47 GMT by HMRC Admin 20
Hi damian24,

Please refer to guidance at Remittance basis 2023 (HS264)

Thank you.
Posted Wed, 31 Jan 2024 00:14:13 GMT by
I am looking for the same answer as the damian24. If the broker was not represented in the UK, I could be sure this was not a remittance, but I wonder if this will be considered given there is a UK "agent" facilitating the transaction but the money never entered the UK. "Remittance basis 2023 (HS264)" is not clear about this situation.
Posted Fri, 02 Feb 2024 08:27:58 GMT by HMRC Admin 19

It is only the actual funds remitted that would be considered. The location of the agent is irrelevant.

Thank you.

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