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  • sale of foreign shares and transfer of money to UK

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  • sale of shares and bank to bank transfer of money to UK

    Hi, help please, just struggling finding all info. CGT & ICT issues: I’m UK born and have always lived & worked here. Our Dad, originally from India, but who settled in the UK in the 60s, passed away several years ago. Part of his India estate contained a trust with shares in it. This was declared at time of probate here. The trust was recently ended and shares divided equally between Mum, sister and myself. We each have India savings accounts and the shares now deposited with the bank. We now wish to sell some of the shares and use some of that money here, for Mum’s care and buy a home / invest in property. We understand that the sale will attract CGT in India and as UK tax payers, we will need to pay CGT here too. To make it easier when dealing with my Dad’s estate in India, my sister and I got Overseas Citizens of India status: 1.How do we calculate the gain on sale of India shares from UK perspective? Is it market value from date the trust ended, and, we each received the shares – to the market value on date of any sale? 2.My sister and I were also gifted shares in India; again, is the gain; market value from date we received the shares – to the market value on date we choose to sell? 3.We understand that in India CGT on long standing shares has a cut-off point of 31/01/2018, from which date the gain is calculated. Does this have any bearing on a UK CGT calc? 4.Tax relief: we appreciate that double taxation issue here … just want to check how we do this on self-assessment form here: simply declare exact % deducted by Indian Income tax office? Will HMRC need any paperwork from India? ie bank/accountant/tax office? 5. Also, an ICT point … when transferring savings from an Indian Bank account to our home bank accounts, does this attract income tax here / do we need to declare at time of self-assessment? Or is income tax just on any interest gained once money transferred to our accounts here? 6. Last point please: does our OCI status have any bearing on how we calculate our tax liability here for CGT and ICT? (thought no … but wanted to check with you). Many, many thanks.