Mike Cowlishaw
Joined: 4/25/2024
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RE: How pay tax on foreign shares just sold
Very many thanks! Exactly what I needed. -
How pay tax on foreign shares just sold
Hi, I have held for many years IBM shares which were given to me by IBM (my employer) as part of my remuneration (bonuses, etc.). I recently decided to sell them all to simplify my accounts. The last time I sold IBM shares (probably 20 years ago) there was 40% withheld by a UK/USA tax agreement and I was advised that it was not necessary to take any further action to pay tax in the UK. This time, however, the proceeds arrived in my bank account without any deduction. So the questions I have are: * What tax do I owe on the proceeds? * How do I pay that tax to HMRC? I currently do not have to fill in a tax return because all my income (pension, bank account interest, etc.) is known to HMRC, and as this is a one-off I would prefer to pay the tax as a one-off so my tax code is not affected, etc. All advice most welcome! Mike