Where a foreign currency bank account includes sums acquired otherwise than for the personal expenditure outside the UK of the holder or his family, those sums constitute debts which are chargeable assets.
If you were to suffer any tax on this gain in NZ then you claim foreign tax credit relief.
You report the gain and tax credit by completing supplementary pages SA106 - Foreign when filing the tax return.
I hope this is helpful and answers your question.
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Thanks for speedy reply
Just to clarify I am investing from a UK bank account, this money is then invested in NZ and when it makes a profit, I can request part or all of the profit which is then transferred back into my UK account.
My question is if I am liable to capital gains tax in NZ then I wont be liable to any tax in the UK but would still have to complete a tax return showing the tax paid in NZ
When you are UK resident you are normally taxed on the arising basis of taxation. This means that all your worldwide income and gains will be taxable in the UK. Therefore, even if your foreign gains have already been taxed in another country they will still be taxable in the UK and you must declare all of your foreign gains on your tax return by completing supplementary pages SA106 - Foreign.
You would claim Foreign tax credit relief for any tax suffered on that gain abroad.
I hope this is helpful.
If the CGT in NZ is 28%, would I still be due to pay any UK tax as I believe UK top rate is 28%