HMRC Admin 5 Response

Hi 

if you have never lived in the property, yes - Capital Gains Tax: what you pay it on, rates and allowances

Thank you

Hi

HMRC does not have an actual definition of what a home is, as the meaning of 'home' can vary according to context.  The guidance notes for box 9 ask -
"If you had one or more homes overseas and you spent at least 30 days in any one of those homes during the 2023 to 2024 tax year, put ‘X’ in box 9. You must consider each overseas home separately."  
RDRM13030 states -
"The vast majority of individuals will have only one place where they live and this will be their home. If an individual has more than 1 place to live then each of those places may be a home. In this situation, whether or not either place is a home will be determined by the facts"
RDRM13030 - Residence: The SRT: Annex A: The second automatic UK test and the context of a 'home'
You will have to determine if you have a place to live outside the UK and whether this place is a home.

Thank you

Hi

As you are not UK resident you will need to ensure you have completed the correct application - Claim a tax refund if you've stopped work and flexibly accessed all of your pension (P50Z).
If you have, you can telephone +44 13 5535 9022 to chase this up. if not, you will need to submit the correct claim form.

Thank you

Hi UKparent

As not UK resident he would still need to submit the tax return to ensure personal allowances are due.
He will need to use 3rd party software for the return as he cannot file online as the residence section is required.

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Hi

You will need to obtain their acquisition cost in pounds sterling at the time you acquried the shares.  
You will also need to convert the disposal value into pounds sterling using a just and reasonable exchange rate at the time of disposal.  
When all costs are in pounds sterling you can subtract the acquisiton costs and brokers fees, as well and the disposal costs, such as brokers fees from the disposal value.  
The different is then a gain, which you will need to report in a self assessment tax return (SA100) on SA108 and if foreign tax paid on the gain (SA106) where you can claim acredit of up to 100% of the foreign tax paid.
 This will prevent you from paying the same tax twice and avoid double taxation.

Thank you

Hi

Please have a look at the guidance on private residence relief at https://www.gov.uk/tax-sell-home.  You may find that this will cover any gain arising from the disposal of your property.  If no gain arises, there is nothing you need to report.  There is a calculator to help.  Please also have a look at HS283 Private Residence Relief (2024).

Thank you
 

Hi 

How can the original investment amount be brought into the UK?  It is invested.  It is only when the investment is disposed of that a gain may arise.  
If you are UK resident when this happens, it may result in a capital gain, which may be taxable.

Thank you

Hi emilie tan

Any income or capital gains arising in a tax year you were not UK resident, can be brought into the UK as capital and will not be taxable in the UK.

Thank you