PAT432518

Hello, I am also interest in the answer to this...from everything else I have read including on HMRC here: https://www.gov.uk/guidance/gilt-edged-securities-exempt-from-capital-gains-tax it appears that Gilts should be exempt from CGT, whether sold or simply matured. Questions: 1. Is this not correct? 2. a. I undertstand that if the issue is a Deeply Discounted Security, or there is accrued interest to account for, there maybe some calculations that need to be done. 2.b. For DDS, once must account for accrued...understood but I don't believe this is a DDS. 2.c. For a non-DDS Gilt with a coupon, one may need to account for accrued interest, but this is usually done when selling the Gilt by paying or receiving the next coupon, so easy to split out into interest income. The rest of the change in price is simply Capital Gains, is it not? Thank you.

Thank for the response. If I have a foreign loss that based on the above cannot be used to offset gains (as I did not make a foreign loss election), do those disposals still need to be reported?

Hello, I started working in the UK some years back and filed taxes in the UK on a remittance basis. However, I did not make a Foreign Loss Election within 4 years of starting work in the UK, as I was filing on the remiitance basis and I had no capital gains or losses to report during that period. I have since been filing taxes in the UK on an arising basis for the last two years. I am currently not UK domiciled nor deemed domiciled in the UK. I have incurred a loss on sale on a foreign non-reporting fund held in an account in the US in the last tax year (23/24). GIven that I am now reporting on an arising basis, had I made a gain on sale, I would have reported that as Income (rather than Capital Gains). However, since - I made a loss on sale, on a non reporting fund held outside of the UK - and given that I had not made the Foreign loss election within 4 years of my first claiming remittance basis, - and I am currently not domiciled or deemd domicied in the UK am I able to take this loss as a capital gains loss to use in the 23/24 tax year? Or am I in a situation where I am liable for UK tax on foreign gains (filing on an arising basis) but unable to use foreign losses, until I become domiciled/deemed domiciled in the UK?