capital gains tax on UK ISA
#1
Forum Regular
Thread Starter
Joined: Jan 2008
Location: Gold Coast (was London)
Posts: 60
capital gains tax on UK ISA
I recently sold up my UK ISA and contacted the Australian tax office to find out how to calculate any capital gains.
They said my capital gain would have to be calculated from when i opened the ISA in 1998.
I had a feeling the capital gain should be calculate from the date we moved to oz in 2009.
I have read previous posts and the answers to similar questions vary.
Does anyone know which is correct, the guy at the tax office was unsure but insisted he was right..
Many thanks Mark.
They said my capital gain would have to be calculated from when i opened the ISA in 1998.
I had a feeling the capital gain should be calculate from the date we moved to oz in 2009.
I have read previous posts and the answers to similar questions vary.
Does anyone know which is correct, the guy at the tax office was unsure but insisted he was right..
Many thanks Mark.
#2
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: capital gains tax on UK ISA
BUT for an ISA they don't consider it a CG and you should have declared the CG gain each year as income.
This is my understanding as a general tax payer not an expert.
#3
Forum Regular
Thread Starter
Joined: Jan 2008
Location: Gold Coast (was London)
Posts: 60
Re: capital gains tax on UK ISA
its actually a stocks and shares ISA.
I just left the interest to roll over each year without making any withdrawals.
I guess there would be no CG as at no point have i taken anything from it until i closed it last month.
Really appreciate your reply, will be interesting to see if anyone else agrees with us or tax office.
I just left the interest to roll over each year without making any withdrawals.
I guess there would be no CG as at no point have i taken anything from it until i closed it last month.
Really appreciate your reply, will be interesting to see if anyone else agrees with us or tax office.
#4
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: capital gains tax on UK ISA
Likely to be a CGT Asset, with the cost base the market value when you became a tax resident of Australia - assuming you arrived in Australia as a permanent visa holder.
The interest is/was most probably subject to income tax each year.
Consider taking professional advice, as with tax issues discussion forums can only take you so far - without sight of your paperwork comments can only be general in nature.
Best regards.
The interest is/was most probably subject to income tax each year.
Consider taking professional advice, as with tax issues discussion forums can only take you so far - without sight of your paperwork comments can only be general in nature.
Best regards.