overseas capital gain tax relief claim

Hi, I live in UK and and tax resident in UK, I have sold some stocks and funds overseas and the total gain was £11,500 which is below £ 12,500. However the overseas tax was deducted at 10% which is around £1150. 1. Do I need to fill in capital gains section as the gain is below the threshold ? 2. how do I claim the tax paid overseas ? Thank you

Hi,

As you are in receipt of an overseas capital gain, you are required to report the overseas gain by completing a Self Assessment tax return. As the gains are below the annual exempt allowance, there is no Capital Gains Tax to pay in the UK. There is no foreign tax credit in this case, as you have no UK Capital Gains Tax to set a credit against. 

Thank you.

Hi Admin19, Many thanks for the response. In that case, can I claim that £1150 tax deducted with future year gains ? If so how do I that please ? Thank you

Hi cvramana,
No you cannot claim this.
As it is foreign tax you will need to contact the tax department of the country in which it was paid to discuss any potential refund.
Thank you.