UK Tax

UK tax questions? Ask a UK tax advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I sold an investment in December 2017 for 100,000 GBP (net…

I sold an investment in...
I sold an investment in December 2017 for 100,000 GBP (net sales proceeds) .
I bought the investment 15 years ago in 2002 for the total cost of 40,000 GBP
I have been working overseas as an expatriate employee for 20 years, from 1993 until i retired and returned to UK in May 2013, in a country that does not tax capital gains and which has a double taxation treaty with UK.
The market value of the investment at the time i returned to the UK and became a UK Tax resident was 70,000 GBP.
I am a non dom, on the grounds that i was born and bought up outside the UK.What will be my taxable Capital Gain in the UK in the 2017/18 tax year i.e. in the tax year in which i sold the investment?
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 7 days by:
1/14/2018
bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,090
Experience: FCCA FCMA CGMA ACIS
Verified

Hello, I am one of the experts on Just Answer, and pleased to be able yo help you with your question.

What exactly was the investment?

Ask Your Own UK Tax Question
Customer reply replied 4 months ago
investment in a Global Equity fund

You are only liable to UK Capital Gains Tax (CGT) for the gain after your return. Only residential property of ex pats is liable to CGT whilst they are away.

Your gain is 100K - 70K = 30K. Deduct 11.3K, non cumulative Annual Exempt Amount (AEA), leaves 18.7K exposed to tax at 10% or 20% or a combination of the two rates depending on your income including the gain in the tax year of disposal. WA worst case scenario is a tax bill of 3.74K.

I do hope that you have found my reply of assistance.

Ask Your Own UK Tax Question
Customer reply replied 4 months ago
Thank you for your prompt detailed reply for which i am pleased. Because i have other similar investments, i would like to ask a final question, please:
Can i apportion the Capital Gain on time basis? In my above case, i held the investment for for 15 years (from 2002 to 2017), out of which 4 years (2013 to 2017) as a UK tax resident. Therefore, UK capital gain =4/15 x60,000=16,000. I know in this case is not to my benefit to do so, but it may be in other cases. Do i have the choice?

The normal CGT computation assumes that the value of the investment rises evenly with time. We all know it doesn't, but that is how it works! It is quite common for this formula to be used.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,090
Experience: FCCA FCMA CGMA ACIS
Verified
bigduckontax and 87 other UK Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 5,090
5,090 Satisfied Customers
Experience: FCCA FCMA CGMA ACIS

bigduckontax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

6,542 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

5,090 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
I am a VAT registered company in the UK, I have purchased
Hi I am a VAT registered company in the UK, I have purchased some items from Spain to sell in the UK. I have given the Spanish company my UK VAT number and this appears on my invoice from them,they ha… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
My client (I am bookkeeper) just received CT61 form. She
Hello My client (I am bookkeeper) just received CT61 form. She registered her ltd just month ago. So, please, can you advice, why she received it and what to do with it? Thank you… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
Client has purchased a Victorian office block and turned it
client has purchased a Victorian office block and turned it into flats. want to know if he can claim any vat back on goods and services used in the process. he intends to keep some and sell some of th… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
UK Tax - Company Car tax implications I have been asked by a
UK Tax - Company Car tax implicationsI have been asked by a client about whether or not it is better to lease a car through the company or lease it personally and charge mileage. I want to ensure that… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
My parents and I jointly own a property and all three of us
My parents and I jointly own a property and all three of us are on the land registry.The only reason they were added to the property was to facilitate the mortgage as my salary wasnt enough. My parent… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
If my wife who does earn any moneytransfers her tax
If my wife who does earn any moneytransfers her tax allowence to me, will shew lose her pension credits … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
I was living in the Uk for two years and I'm from Canada. I
Hi there, I was living in the Uk for two years and I'm from Canada. I just received an email from a former employer that my payments are now being place under a tax avoidance scheme and that I will ha… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
UK TAX QUESTION I operate a number of small USA based online
UK TAX QUESTIONI operate a number of small USA based online businesses that generate recurring income commission paid to me in the UK.Would it be legal for me to transfer one of the business (its just… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
I pay a significant amount of tax in the UK ( I was born and
I pay a significant amount of tax in the UK ( I was born and still live here ) and I am also about to be hit by HMRC's Loan Charge against contractors. My liability on the loan charge is 6 figures. An… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
I was wondering if i can transfer shares to my spouce i am a
I was wondering if i can transfer shares to my spouce i am a UK tax resident, but my wife is a Dutch tax resident … read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
Could you advice, please, what is better to do from the
HelloCould you advice, please, what is better to do from the accounting point of view ?: -to buy van on leasing - to buy van from cash moneyThank you… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
My client (I am bookkeeper) has Ltd - turnover over £150
HelloMy client (I am bookkeeper) has Ltd - turnover over £150 000. She is not very happy to pay big amount of VAT on it. Would that be any advice to her how to lower/compensate this huge bill to HMRC?… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
Does travel from home to work office count as business
HelloDoes travel from home to work office count as business mileage expense - for sole trader? (this is for teacher who travels from his home to his rented office every morning). Thank you… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,542 satisfied customers
We are preparing working papers for our UK tax returns.
Hello there,We are preparing working papers for our UK tax returns. (We're Brits based in the UK for tax purposes, but we spend approaching 6 months per year in the US.)We have UK income and US income… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
I wonder if you would be able to advise. One of my clients
I wonder if you would be able to advise. One of my clients (I am bookkeeper) is paying too much VAT. Her accountant is useless (but thats another story)... I wonder if flat VAT would not be better for… read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
I HAVE A QUESTION OF HOW TO GET "HMRC" OF "NONE RESIDENCETAX
I HAVE A QUESTION OF HOW TO GET "HMRC" OF "NONE RESIDENCETAX CLEARANCE" AT ENGLAND FOR FUND OF MINE. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question re. letting agents and commercial property
Hi. I have a question re. letting agents and commercial property and VAT … read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
It s my first time filling the Micor entity sheet on the
It s my first time filling the Micor entity sheet on the HMRC site and I'm at a loss from the first question. can you help? … read more
bigduckontax
bigduckontax
Accountant
5,090 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x