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capital gains tax on UK ISA

capital gains tax on UK ISA

Old Jun 13th 2017, 6:29 am
  #1  
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Default 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.
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Old Jun 13th 2017, 6:53 am
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Default Re: capital gains tax on UK ISA

Originally Posted by markntracy

They said my capital gain would have to be calculated from when i opened the ISA in 1998.
I believe they are wrong because all investments are valued at the point you become tax resident in Oz not the date you purchased the asset.

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.
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Old Jun 13th 2017, 7:35 am
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Default 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.
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Old Jun 14th 2017, 11:36 am
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Default 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.
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