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Posted Mon, 17 Jul 2023 07:54:38 GMT by
Hi, If I claimed taxes on a remittance basis in the past and never made an election for losses on disposals of non-UK assets And as an example in a given year I made €10m of foreign capital gains, and €10m of foreign capital losses, so a net profit of zero. Would it be correct to assume that I owe €2m (20% * €10m of foreign capital gains) in taxes, despite having a net global income of zero? Thank you, as it feels counter intuitive from a financial perspective
Posted Thu, 20 Jul 2023 15:59:20 GMT by HMRC Admin 10 Response
Hi
I regret that we cannot answer scenarios.  
Unremitted income /gains can be taxed in a later year if remitted to the UK in that later year.
Thankyou.

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