Capital Gains Tax on Sale of Company in UK
#1
Just Joined
Thread Starter
Joined: May 2012
Posts: 1
Capital Gains Tax on Sale of Company in UK
Hi all,
First time on the forum, recently moved to Pasadena, CA (March 31st).
I moved out here after being offered a job and the option to sell my company and my IP to a company out here. The closing date of the sale is sometime in June, at which point I'm getting a little money from the sale of my shares. This would ordinarily be a capital gain in the UK, and I'd be able to apply for entrepreneurs relief and get 10% tax on the share sale.
However, since I've moved out to the states, I assume I will be classified as resident here this year since I'm here full time for the 2012 tax year. This means I should probably pay Capital Gains tax here in the USA and not in the UK, is that correct?
If the signing date of the sale was before I came out, March 16th, then technically the 'sale' happened before I came out, but the closing of the sale (when I actually get the money) happens after I arrived here.
This has me totally confused and is just adding to my worries about living out here. Don't want to get stung by both the IRS and HMRC for tax on the sale.
Any advice / suggestions? Anyone know a friendly accountant well versed in these kinds of issues?
Any help would be much appreciated.
Thanks
First time on the forum, recently moved to Pasadena, CA (March 31st).
I moved out here after being offered a job and the option to sell my company and my IP to a company out here. The closing date of the sale is sometime in June, at which point I'm getting a little money from the sale of my shares. This would ordinarily be a capital gain in the UK, and I'd be able to apply for entrepreneurs relief and get 10% tax on the share sale.
However, since I've moved out to the states, I assume I will be classified as resident here this year since I'm here full time for the 2012 tax year. This means I should probably pay Capital Gains tax here in the USA and not in the UK, is that correct?
If the signing date of the sale was before I came out, March 16th, then technically the 'sale' happened before I came out, but the closing of the sale (when I actually get the money) happens after I arrived here.
This has me totally confused and is just adding to my worries about living out here. Don't want to get stung by both the IRS and HMRC for tax on the sale.
Any advice / suggestions? Anyone know a friendly accountant well versed in these kinds of issues?
Any help would be much appreciated.
Thanks