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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13887
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Is CGT payable by a UK resident on sell of a thai business.

Customer Question

Is CGT payable by a UK resident on sell of a thai business. Business was started 5 years ago when I was a non resident for UK tax purposes
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
Could you advise
1) Are you a British citizen
2) if you are not a British citizen, then do you plan to bring the proceeds of the sale into the UK?
Thanks
Sam
Customer: replied 2 years ago.
Yes I am a British citizen
Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
Then I am afraid you will be liable to capital gains tax on the sale of this business.
The reason for this, as a British citizen, who is also resident in the UK, you remain liable to tax on your worldwide income position, and this includes the profits made under the capital tax regime.
Had you spent more than 5 years out of the UK, during which time the business had sold, then you would have avoided liability in the UK - and just had a consideration for any position in Thailand.
I am sorry the news is not more favourable.
Let me know if you have any follow up questions on the information provided.
Thanks
Sam

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