Tax on Investments Help Please

dbdragon

I have a question that I hope that some of you would be able to answer quickly...

I invested £7000 about about a year ago with a company abroad and they converted this and traded it in US Dollars. Now my account is holding the equivalent of about £10000 ($15000) .

What I want to do now is take back out my initial investment of £7000 so that anything I do make with the remaining £3000 would only be profit and there would not be any overall loses if I lost it all at this stage.

Questions are:

1.) Would I have to inform Inland Revenure if I were to get my initial investment into my bank account as that money is not profit?

2.) Would there be any other taxes as a result of bringing my initial investment back into the UK?

Many thanks

relaxtwotribes

Others will explain the tax position better than I. What you are doing is 'taking back out' 70% of your initial investment and 70% of profit. I suspect the 70% profit will not be taxable as it will fall into the CGT nil-rate band.

I know that in your mind your are taking back out your original investment, but the taxman looks at it differently.

Await better replies.