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Posted Thu, 07 Sep 2023 15:59:19 GMT by yipchunyu
My wife and I arrived UK on 12 Apr 2022. We don't have any job since 1 Jan 2022 before we moved to UK. After our arrival, we don't have any job yet (within the tax year 22-23). However, since we have below income / interest / dividend from investment funds and bank accounts, I assumed we need to report tax for year 22-23 1. Income tax (I had about 15000GBP and she had 18000GBP) - dividend incomes from US ETFs, funds from non-UK 2. Interest tax - Interest earned from UK banks - interest earned from Non-UK banks 3. capital gains / loss - from trading on stocks (non-UK) So, we should treat ourselves as self-employed during the self assessment? (I can't find a status of un-employeed to report). And I have two more questions to ask. 1. Since the dividend earned from US already withholding certain amounts (15% of gross dividends), I found that I have tax rebate after calculation (if I didn't make any mistakes). May I know whether 22-23 will be counted as qualifying year for state pension when we reach the age of retirement? 2. After calculation, within the tax year, we had capital loss instead of any gain. Should we still need to report these loss this year? or report it in coming year as if we have captial gain at that year (to offset the gain)? Since the taxation environment is totally different from my previous living country, sorry for all these silly questions.
Posted Mon, 18 Sep 2023 11:02:00 GMT by HMRC Admin 19

As you were resident in the UK for most of the tax year, you will be resident for the whole tax year for Income Tax purposes.  

If split year treatment applies, you would only declare your worldwide income, and, or capital gains from 12 April 2022, when you arrived in the UK. If any of your income, and, or capital gains arises outside of the UK, then it is regarded as foreign income and must be declared in a Self Assessment tax return.

Foreign income and capital gains are reported on SA106, with capital gains also reported on SA108, regardless of whether tax was paid in another country or not.  

A state pension is paid from the date that you reach eligiblity for state pension, the amount received in the tax year is declared on SA100.

Capital gains and losses are separate to Income Tax and are reported on SA108, as well as SA106, if they are foreign income and gains. This does not make you self employed.  

Tax already paid on foreign investments, and, or gains, should be reported on SA106 and any tax paid in the other countries, should be declared, as you may be able to claim a foreign tax credit, for the overseas tax paid.

Capital gains losses, do not need to be reported, however, if you want to claim for losses and carry them forward, you will need to report them in your tax return in SA108.

Thank you.

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