uk_us_stock_trader

Hello, Thank you for the response. Is setting off foreign losses against foreign gains allowed even if I have not made a election for foreign loses in the first tax year of claiming remittance basis? (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg25330a)

Hello, I trade in US stock market with a UK stock broker and claim remittance basis of taxation. Can I offset capital loss from one US stock (foreign asset) against capital gains from another US stock. Both gains and loss happened in same financial year. Is offsetting foreign losses against foreign gains (not UK gains) allowed?

I filed self-assessment tax return for year 2022-2023 where I had a tax refund of 1000 GBP and HMRC paid me back the refund. Now I need to amend the tax return as I had missed certain income in the return. In the amendment my refund drops from 1000 GBP to 400 GBP, which means I need to pay back 600 GBP. Do I need to explicitly mention the refund received in "Tax refunded or set off" section of TR6 in the amended return or will it be automatically computed/understood by the HMRC systems?

Hello, I am a non-domiciled TaxPayer who files income Tax on a remittance basis. I have un-remitted capital gains of more then 2000 GBP, so that dis-qualifies me to use annual exempt limit for capital gains. I invest in US stocks via a UK stock broker with the brokerage account located in the UK. I have incurred capital gains and losses from US stock investments in the same financial year for different stocks. I have the below questions regarding the capital gains: 1. Can US stocks capital losses be offset against US stocks capital gains ? I read on HMRC website foreign asset losses cannot be offset , but can they be offset against foreign gains? 2. Am I liable for capital gains tax on profits when I sell the stock (when the profit hits the brokerage account in UK) OR when I move the funds to my bank account (when the profit hits the bank account) 3. My UK stock broker converts GBP to USD when buying US stocks and maintains the proceeds in USD. a) I sold the USD stock in October 2023 and made a profit of 1000$ when USD-> GBP conversion rate was 1.22 (820 GBP) but I converted the USD to GBP and moved it to my bank account in March 2024 when the conversion rate was 1.29 (775 GBP). So should I pay capital gain tax on 820 GBP or 775 GBP? and should these be included as two different transactions while filing self-assessment (one for profits on stocks and one for loss on currency conversion?) b) I sold another stock in July 2023 and made profit of 500$ when the conversion rate was 1.31 (382 GBP) but converted USD to GBP in October 2023 when conversion rate was 1.22 (410 GBP). So should I pay capital gain tax on 382 GBP or 410 GBP and should these be included as two different transactions while filing self assessment