Are you CGT exempt if you are working abroad

najimul_islam

Does one have to pay taxes if they are British Citizens, but working abroad, if they had shares will they have to pay Capital Gains tax on those shares if they have been bought from UK but they are working and living abroad.

Najimul Ali

pchelpman

Very complex issues.

Short basic answer ... it will depend on where the person making the gains is "ordinarily resident" at the time of the gain AND how long they have been resident out of the UK, if overseas at the time of the gain.

Other complications included whether or not the person is "domiciled" in the UK or not, whether any gains are overseas, whether overseas gains have been brought into the UK (either actually or "constructively")/in whole or in part and so on.

Best thing is to get specific advice from someone who deals in this area (and pay for it). NOT just "an accountant" but someone with tax-specific qualifications like CTA, ATII, FTII and/or ATT. These may help...

http://www.tax.org.uk/showarticle.pl?id=160&n=350

http://www.att.org.uk/showarticle.pl?id=14

GRDB

Greetings Najimal

I am Ed. I am going to help you with your request.

Before we jump into the specifics, you realise you only pay CGT on the appreciation of assets?

This means you need to own something that INCREASES in value. I don't think this is the case is it Najimul.

Have you ever been to Eqypt?

I'm eating cheese while I type.

I love you