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Tax question regarding US traded shares.
I have a number of shares in a US company. The shares are held on my behalf by UBS in New York. Recently the share price has increased significantly and I would like to sell the shares to take advantage of the price increase. If I sell the shares and have all the proceeds sent to my UK bank account, I will have to pay Capital Gains Tax on any gain that i make. This will be higher than the current CGT allowance.
If I only transfer part of the sale proceeds from my UBS account to my UK account, will I still have to pay CGT on all of the gain - or just on the amount transferred?
Comments
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"If I only transfer part of the sale proceeds from my UBS account to my UK account, will I still have to pay CGT on all of the gain - or just on the amount transferred?"
If you're domiciled for tax in the UK, the entire gain because you're taxed on your worldwide income. It doesn't matter how much or how little you transfer from the USA to Britain.1 -
Make sure you have claimed the right Tax Treaty US tax exemptions, W-8 BEN etc.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
Domicile and remittance basis has been scrapped for tax. It's now the Foreign Income & Gains rules, which benefits "new" UK tax residents
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