Declaring foreign share sale

Dorsetyokel

During the 2007/2008 tax year I sold some shares on the NYSE which made me the princely profit of about $1500, well within my tax-free capital gains allowance. I have confirmation of the sales amount and also a certificate for the US with-holding tax, which I hope I can reclaim.

The problem is, can I declare this information on my normal on-line tax submission or do I need to make a paper return? I've been phoning the help line but can only get the on-hold music and eventually give up.

Can anybody confirm that this information is OK to input on-line or do I need to panic and get a paper return submitted in the next week? Thanks for any advice.

Dorsetyokel

Thanks jimmo,

Two things I'm still not sure of are:

1. the sale was in $US, although I have details of the corresponding amount in sterling. Do I state $ or £?
2. how to make sure the with-holding tax is properly stated so that it will be refunded. It's the only capital gain for the tax year and is below my tax free allowance.

Cook_County

The UK is never going to refund US withholding taxes, but why were these charged? Did you not give a W8-BEN to the broker (assuming you are a not a US citizen or resident)?

Do you have a 1099 or 1042-S showing the withholding? If so you could file a US return to claim a refund.

Dorsetyokel

Worked for a US Corp for some time and received these shares while there, along with many other UK employees. Sold through their broker so expected that they would advise if it needed any action on my part. Got that wrong.

Thanks everyone for the advice, I'll get on to my contact at the broker.