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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I live abroad and own a company in uk if I sell do I owe any

Resolved Question:

I live abroad and own a company in uk if I sell do I owe any tax I have been out of uk for 6years and pay tax where I live
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Hi.

If you sell the shares that you own in the UK limited company, then you will not have to pay Capital Gains Tax in the UK on any gain you make as you appear to be non-UK resident. You would need to take local advice as to the tax position in the country you live in.

As you left the UK before 6 April 2013, in order to avoid having to pay UK CGT on gains made on assets you owned when you left the UK and that you may sell whilst non-UK resident, you should not resume UK tax residence within five complete UK tax years of leaving. The five year period would have started on the first 6 April after you left the UK.

Take a look here for more information.

I hope this helps but let me know if you have any further questions.

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