NRA Capital Gains Tax inUK
Aug 4th 2018, 1:02 pm
#1
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NRA Capital Gains Tax inUK
Anyone know how HMRC treat capital gains on sale of mutual funds held in US brokerage account?Purchase was made before returning to UK.
Aug 4th 2018, 2:13 pm
#2
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Re: NRA Capital Gains Tax inUK
You mean the sale was made when you were still a US tax resident?
If so, only the US and Eritrea (who don't really count) tax their citizens when they're not living in the country. HMRC are not interested in capital gains made when you weren't living in the UK. In that case, though, you will owe taxes to the US.
If so, only the US and Eritrea (who don't really count) tax their citizens when they're not living in the country. HMRC are not interested in capital gains made when you weren't living in the UK. In that case, though, you will owe taxes to the US.
Aug 4th 2018, 2:18 pm
#3
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Re: NRA Capital Gains Tax inUK
No I mean the purchase was made whilst US resident, sale has not taken place yet.
NRA's are not subject to US capital gains tax per IRS tax code
NRA's are not subject to US capital gains tax per IRS tax code
Aug 4th 2018, 2:50 pm
#4
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Re: NRA Capital Gains Tax inUK
I'm sure there's a few here that can answer, but that's more a question for the Moving back to the UK part of the forum.
Aug 4th 2018, 4:16 pm
#5
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Re: NRA Capital Gains Tax inUK
Chargeable to UK income tax as offshore income gains (using the special OIG share identification rules).
Aug 5th 2018, 7:28 am
#6
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Re: NRA Capital Gains Tax inUK
Mutual funds are not usually HMRC reporting funds so I am not sure how they will be treated. Possibly the income from the sale of mutual funds will be treated as regular income, but at best they will be treated like reporting funds.
As a UK resident I have sold shares from ETF shares held in a US brokerage account that is a reporting fund and hence recognized by HMRC as such. The process was to know the cost of the shares in £s when purchased in the USA using the exchange rate on the date of the purchase, and the value of the sale in £s on the date of the sale. The capital gain was then subject to HMRC capital gains tax.
XE.com holds historical data on exchange rates so the conversions of $ to £ is easy to find.
Aug 5th 2018, 1:12 pm
#7
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Re: NRA Capital Gains Tax inUK
Thanks to all.
