The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note discusses the capital gains tax (CGT) position of the following categories of people:
resident and domiciled or deemed domiciled in the UK
resident but not domiciled or deemed domiciled
not resident in the UK
The note does not cover the position of temporary non-residents, who are those people who are no longer resident but remain within the scope of the UK CGT regime. See the Temporary non-residence and UK capital gains tax liability of temporary non-residents guidance notes.
Guidance on reporting foreign capital gains and losses is given at the end of this note.
An individual who is UK resident and domiciled or deemed domiciled is taxed on their worldwide capital gains arising in the tax year. Any capital losses can be set against their gains, see the Use of capital losses guidance note.
Residence status is determined in the same way for CGT and income tax, and is discussed in the Residence ― overview guidance note. For commentary on domicile status, see the Domicile and Deemed domicile for income tax and capital gains tax (2017/18 onwards) guidance notes.
In other words, for the person who is UK resident and domiciled or deemed domiciled, it does not matter whether the gains are from foreign assets or UK assets. The only difference between UK and foreign gains is that, if they have suffered foreign tax on the capital gain, they can normally claim double tax relief. See the Foreign tax relief guidance note and HMRC Helpsheet HS261.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
This note offers guidance in respect of the administration of company tax returns. If a company or organisation is subject to corporation tax they will have to complete and file a company tax return for each accounting period. A company or organisation must, in the main, file a return even if they
The majority of state benefits (also called social security benefits) are managed by the Department of Work and Pensions (DWP) via the Jobcentre Plus.Some benefits are dependent on a national insurance contribution record (and different classes of national insurance provide different benefit
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.