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  • RE: Foreign capital gain

    Dear HMRC, many thanks for the answers above which already provide some clarifications. I am a UK tax resident but still hold some stocks and shares in Portugal (country of birth and nationality) via a Bank that I am looking to sell. During the selling process, the bank automatically withholds capital gains tax as if I were a Portuguese taxpayer. I would appreciate your advice on how should be dealt with legally and efficiently. Do I ask the Portuguese bank if they can refund the withheld tax given that I am not a Portuguese taxpayer, or does HMRC refund the withheld tax sum upon me declaring the foreign capital gains and overseas tax paid in my self-assessment form? I understand that there is a UK-Portugal tax treaty from 1969 meaning that I won't be taxed in the 2 countries for the same capital gains, is that correct? Many thanks