Tax Residency For Paying Capital Gains Tax on Stocks

Bachinarium

Hello peeps,

Looking for some advice about my tax residency in UK regarding CGT on selling stocks. I haven't physically been in UK for over 5 years. I did however still submit tax returns for a couple of years afterwards due to having an online business. I have since setup a company in USA that has very low revenue and profits but I selected my tax residency as UK as I wasn't a resident in USA and the country I live in does not allow me to work there. I have some stocks in a few companies I invested in with my inheritance I received and was contemplating selling them but wondered whether or not I am liable to pay CGT on them. If anyone knows it would be a great help. I would ideally hire an advisor but don't currently have the funds available for that.

Best regards,

Bachinarium

Jeremy535897

There is a statutory residence test for UK tax purposes, and what you put on a US form does not affect it. This helpsheet explains the concept of temporary non-residence:
https://www.gov.uk/government/publications/temporary-non-residents-and-capital-gains-tax-hs278-self-assessment-helpsheet/hs278-temporary-non-residents-and-capital-gains-tax-2021

Bachinarium

Thanks for the response Jeremy! I am probably going to be living abroad for the rest of my life though so don't think it will count as temporary non-residence. I think if I hadn't been submitting tax returns for a while it would me more simple, but because I did I am not sure how it works out.

Jeremy535897

If you are not going to become resident in the UK for tax purposes in the future, you need not worry.