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Posted Sun, 03 Apr 2022 15:06:02 GMT by rrobotx1
Dear HMRC, For the tax year 2021-22, I only have the gains on a number of stock holdings and transactions below. 1. Foreign/overseas dividends of £7,000.- equivalent, and 2. foreign/overseas net profit of £8,000.- equivalent from stock investment. The calculation is based on the guidelines and exchange rates from relevant HMRC websites. There is no other income in the UK or from overseas. The total income, basically foreign dividends, is below personal allowance. And that, the net profit from stock investment is also below the CGT allowance. Does it require to file a Self Assessment with HMRC for the tax year 2021-22? Kindly advise. Thank you.
Posted Wed, 06 Apr 2022 10:27:41 GMT by HMRC Admin 10
Hi

On the basis of the information you have provided, you are required to complete a 2022 Self Assessment tax return.

Please refer to the guidance below for full details:

Tax on foreign income           

Thankyou.

Regards.                                 
Posted Wed, 06 Apr 2022 11:39:46 GMT by rrobotx1
Thanks for your reply on the foreign income tax part. How about the CGT? Does it required to do the filing? As both the income and the profit are below respective allowance, is it correct that there should be no tax payable? Please advise.
Posted Mon, 11 Apr 2022 09:43:51 GMT by HMRC Admin 10
Hi

If you are required to complete a Self Assessment form then you must include your worldwide income.  

This includes the capital gains even if this is below the tax threshold.

Thankyou.

Regards.

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