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Hi, My question is not about what needs to be declared, but rather what counts as a remittance. If the cash holding is under an Interactive Brokers account and there is no bank account in my name, does this still count as a remittance? I can declare it without any issue; I just need to understand whether it counts as a remittance under the remittance basis of taxation. Thank you.

Thank you for your assistance. I understand that declaring capital gains is necessary regardless of remittance. However, I seek clarification on a specific point: Does having a cash holding in a brokerage account registered in the UK count as a remittance under the remittance basis of taxation? Or is it only considered a remittance if the money is transferred to a UK-based bank account in my name? Please note that I cannot make payments directly from the brokerage cash holding; it can only be used for reinvestment or transferred to a bank account, either in the UK or overseas. Thank you for your help in understanding this matter.

Hi, I used to live in Switzerland and have recently moved to the UK. While in Switzerland, I invested internationally through Interactive Brokers LLC (US based stock broker), purchasing US-based stocks. However all UK/Europe based USD cash holdings are maintained with the UK entity of Interactive Brokers internally. Now that I am a tax resident in the UK, I seek clarification on whether my cash holdings or capital gains from selling stocks in this account are considered remitted to the UK. Specifically, I would like to know if the remittance occurs only when I move the funds from the Interactive Brokers account to a UK-based bank, or if the mere holding or transacting within this account constitutes remittance. To provide additional context: I do not purchase UK resident stocks with this account. All transactions happen outside the UK, and the stocks are purchased on foreign exchanges. I do not believe a remittance has taken place with these stock purchases since all transactions are conducted outside the UK. I would appreciate confirmation of this understanding to complete my self-assessment accurately. Thank you for your assistance. Kind regards, [Your Name]