Skip to main content

This is a new service – your feedback will help us to improve it.

  • ISA accounts

    Hi, I understand that if I open an ISA account and subsequently move abroad I can still keep that ISA account and the tax-free benefits. The only thing I cannot do is deposit more money into the account. I want to open a 2 year fixed rate ISA account. Am I correct to assume that I can, within the tax rules, open that account and still move abroad soon after? I guess the fixed rate for 2 years has nothing to do with moving abroad as soon as I have that account opened given that I am eligible in the first place? The bank wasn't able to confirm hence posing the question here. Thanks
  • RE: Deferring losses

    Hi, So do I need to report the gains in 2017/18 (even though it's well within my personal allowance) in order to utilise the loss from the same tax year? Thanks
  • RE: Section 104 Holding

    Hi, Thanks for the reply. I can understand the logic behind section 104, i.e. not being able to identify what have been sold, if say you sell only a random portion of the total of shares. However, with all my trades I buy and sell only the same amount of shares that I bought at the same time on a particular date. My trading platform also creates a mini summary/report that clearly states when I bought x amount of shares and when I sold the exact same x amount shares. For example: Trade A: 1st Jan 2020 I bought 100 shares of Tesla for £100 each Trade B: 1st June 2021 I bought 200 shares of Tesla for £200 each I then sell the exact 100 Tesla shares that I bought for £100 on 1st Jan 2020 (i.e. Trade A). The trading platform then clearly shows that: 1st Jan 2020 I bought 100 shares of Tesla for £100 each 5th Sept 2021 I sell 100 shares of Tesla for £150 each It'd also then shows what my net profits are. So in that case I can easily show evidence that it's the exact same shares that I bought and sold. I suppose regardless I'll still have to treat it as a section 104 holding? Thanks
  • Deferring losses

    Hi, I made some gains from selling shares in 2017/18 tax year (around £3,300), as well as making a loss from selling another share in the same tax year (around £1,100). Given that the gain (and net gain) is well within the personal allowance and that the total sale is well below 4 x the allowance I did not report it in 2017/18 tax year. Fast forward to 2021/2022 tax year, I managed to made a gain that is above the personal allowance rate. 1: Am I correct to say that I can still report my 2017/18 loss for the 2021/22 tax year? (As it's still within the 4 year deferral time frame.) 2: I can report it come 6th April 2022? 3: In order to report the 2017/18 loss, would I need to report those 2017/18 gains even though, like I said before, they were within the personal allowance and so n reporting was required at the time? Thank you
  • RE: Selling property

    Hi, I've sold my property at a loss. I just wanted to double check that I do not have to report it within 60 days and so I can just do a self assessment on/after April 6th 2022? Thank you
  • Section 104 Holding

    Hi, I'm a bit confused with the section 104 holding rules. I understand that, in the simple terms, it applies to buying and selling of SHARES of the same company. However, I currently buy and sell Exchange Traded Notes (ETNs), these are defined as 'Exchange-traded notes (ETNs) are types of unsecured debt securities that track an underlying index of securities', they are similar to bonds and not like shares. Therefore, would these ETNs fall within the section 104 holdings rules? Thank you
  • Can I use the self assessment while abroad

    Hi, I plan to move abroad for a few years after half of the UK tax year has passed, e.g. say December 2022. What I'd like to know is: 1: Would I still be classed as a UK resident in the 2022/23 tax year? 2: If yes to Q1, then would I still be able to use the online self assessment in 2023/24 to report any capital gains during 2022/23? Given that I read if I am I a non-resident then I wouldn't be able to use the online self assessment. Many thanks
  • CGT when I move abroad

    My main question is as a British citizen and if I move abroad ('temporarily'), how would my existing investments (e.g. shares, funds, investments in startups etc) be taxed when I liquidate them? 1: Is it correct that generally, when I leave the UK, any capital gains (above the personal allowance), is not liable for UK CGT as long as I do not return to the country within 5 tax years? 1a: Do I become a non UK resident after 5 full tax years, i.e. does the first and last years have to be the full 365 days or just more that 182 days? 1b: How many days can I return to the UK each year without becoming a UK resident again? 1c: (depends on answer to a) If I dispose of an asset whilst in the UK, then move abroad and will be abroad for more than half of the UK tax year (subsequently remaining abroad for 5 years) would I be liable for CGT? 1d: (depends on answer to a) if I remain in the UK for more than half of the tax year, then move abroad (subsequently remain for 5 years) and then dispose of an asset would I be liable for CGT? 1e: (depends on answer to a) if I dispose of an asset whilst in the UK (remain in the UK for more than half of the tax year) and then move abroad (subsequently remaining abroad for 5 years) then how would I complete self assessment? Is this where KPMG can complete the paperwork on my behalf? 2: (Depends if Q1 is true) assuming that during the first year being abroad, I dispose of an investment and make a capital gain (above allowance), I subsequently settle back in the UK in the third tax year (hence becoming a UK resident again) then do I just submit the CGT details via self assessment as per usual (as this is what I usually do) or would there be a different procedure? 3: I currently have invested in some startups, provided that I meet the requirements for investor's relief, does disposing of these assets work differently compared with shares and funds (assuming the above conditions, moving abroad etc)? 4: I currently do not work would I need to let HMRC that I'll be moving abroad? Thank you
  • RE: Do I qualify for EIS

    Thanks for the reply. 1: I have currently invested in some crowdfunding, i.e. invested in some companies where they are not publicly traded yet and have been issued shares. Provided that I hold them for at least 3 years then do I qualify for the investor's relief? 2: If after 3 years those shares become listed (i.e. they are successful enough to be listed on the stock exchange) then does that still qualify for the investor's relief? 3: Is this investor's relief applied via self assessment (I currently do self assessments)? Thank you
  • RE: Working out total profit to report

    Hi, With regards to your reply 'The gains / losses should be reported in the tax year the shares are disposed of', I've read on the below HMRC website that 'You need to report your gain by 31 December in the tax year after you made the gain. For example, if you made a gain in the 2020 to 2021 tax year, you need to report it by 31 December 2021.' Please advise which is true. I'd imagine that it could be reported in the next tax year just like self assessment. Thanks