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Sam
Sam, Accountant
Category: Tax
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Sam - I left the UK March 1999 and am now a full 'tax resident'

Resolved Question:

Hi Sam - I left the UK March 1999 and am now a full 'tax resident' of Luxembourg since November last (previously tax resident in Mallorca).
I have one long-standing UK investment - a 9% holding in a private UK company; when this company is sold will I be libel for UK CGT? Thank you, ***** ***** PS Luxembourg does not apply CGT on investments held longer than 6 months
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi Peter

Thanks for your question and asking for me

As you will have been deemed to be not resident in the UK for more than 5 full tax years, which spans the tax year, during which this sale takes place, (so as long as you do not return as resident to the UK - if at all- before the tax year end of the sale taking place) then you will not be considered liable for UK capital gains.

For example, sale takes place 31/03/2015 and the tax year ends 05/04/2015 - and you do not return to become resident in the UK until after 05/04/2015 then as you will have been treated as not resident for at least 5 full tax years (during which time the sale has taken place) then you are treated as NOT liable to tax on any gains made.

Let me know if you have any additional information needed, on the response I have provided.

Thanks

Sam

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