u954243

Just a side note regarding step-2 and step-3, those events happened before we become an UK tax resident and I am in the process of paying the incurred taxes in my home country. My question is mostly for future transactions I plan to do in the UK. E.g. I want to sell stocks and transfer the money to my UK bank account.

Hi, I had some stocks in an US investment broker and trying to figure out how to handle the capital gain tax if I sell and bring the money to the UK. Events that happened 1- 80K USD was transferred initially from my earnings in the home country around 2021. Those earning were taxed in the home country. 2- I transferred around 80K USD worth of company stocks I vested while working for the public US company to the same investment broker in 2022 and 2023. 3- I have sold those company stocks (as they were restrictive and allowing me to sell in only certain window in every quarter so I wanted the flexibility by getting rid of those stocks) and bought other stocks on the same platform in 2022 and 2023. The money didn't go out of the platform. 4- In 2024 I became an UK tax resident. The initial money was taxed in my home country. The stocks acquired in step 2 was not taxed yet in my home country. I now want to sell all of the stocks and bring them to the UK. How the tax will be handled in this situation?

Hi, We have moved to the UK at the end of March in 2024 and I work full time for a company with a skilled worker visa. Before this date I didn't visit to the UK in the last 10 years or more and actually I was never a tax resident here. If I sell the gold in July or August in 2024 should I be considered an UK tax resident when that transaction happens? I think there is a 183 days rule to be in the UK for a person who wasn't a tax residence in the previous three years. I suspect I may not be an UK tax resident at all. Could you please clarify this? I really appreciate your help.

Hi, Thank you for your reply. During the time I acquired the gold I wasn't a tax resident. We have become tax resident in the UK in 2024. May I ask if you could please share the relevant doc explaining the tax should be calculated based on the gain between the acquisition time and the disposal time and not between the time we become the tax resident and the disposal time? The gain while I wasn't tax resident should be taxable in the home country (this looks more reasonable to me as ChatGPT suggested the same). How UK is able to claim tax for a gain that happened while we weren't a tax resident?

I asked ChatGPT on what I should be liable for paying CGT and it returned this answer. Could this be correct? ===== Selling Gold after Moving to the UK: If you sell the gold after becoming a UK resident, the gain from the sale may be subject to UK CGT. The gain would be calculated based on the difference between the selling price and the value of the gold when you became a UK resident.

Thank you very much for the answer. I have one follow up question. As I mentioned on the initial question, I will need to return the physical gold to the bank in Turkey and there need to convert it to GPB before transferring to the UK. Will I have be liable for capital gain tax for selling this gold in the UK? If I am liable how the CGT be calculated?

I have become an UK tax residence in 2024 first time. If I transfer my savings from my home county earned in 2023 and earlier are those subject to tax?

To add some more detail, while working for this company remotely from Turkey I was a contractor and for monthly payments I was invoicing an intermediary company located in Ireland. Those invoices were taxed and taxed were paid on my home country. The stocks I earned while working over years was brought to Turkey with the tax amnesty law in 2021 as I mentioned earlier.

Hi there, In 2021 while working for a US public company from my home country remotely, I sold my stocks and transferred the money to my home country. Then I transferred this money to another bank in my home country where I bought physical gold. The gold is now in a bank vault. In 2024 I moved to the UK with the Tier-2 skilled worker visa. I want to buy a house in the UK. I plan to return the physical gold to the first or the second bank depending on which one provides the best conversion rate and then transfer the funds to my UK bank account. In my home country I didn't pay tax for the stock sales as there was a special tax amnesty law around 2021 which I benefited from. Not sure if this information is relevant, still wanted to share it. https://vergiport.com/blog/turkey-introduced-a-new-tax-amnesty I would like to understand if bringing this money to the UK could have a tax implication. What documents may I need to provide to HMRC if they need to review anything? Thank you for you help in advance.