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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I own a Gibraltar company which holds some shares in the Aim

Resolved Question:

I own a Gibraltar company which holds some shares in the Aim sector of the LSE.
I have two brokerage accounts in the UK, one for the company and a personal one.
I wish to transfer the shares to my personal brokerage account and close the Gibraltar company. I am not a UK citizen nor tax payer. The reason for wishing to do the above is to eliminate the annual cost of holding the Gib company. Could I run into potential tax problems when I sell the shares out of my personal account (assuming I have transferred
them across from the company).
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Do you live in the UK?
What is your nationality?

Many thanks
Customer: replied 2 years ago.

I was born in The Netherlands and still have a Dutch passport.

I left the Netherlands when I was 21 years old and never lived there since. I am now 69 years old.

As I have lived most of my live South Africa I also acquired a South African passport where I am a permanent citizen and a registered tax payer. I have never lived in the UK.

Kind regards

Herbert

Expert:  taxadvisor.uk replied 2 years ago.
Herbert, thank you for your reply and for additional information.

As you don't live in the UK, any gains you make from sale of shares would not be chargeable to UK capital gains tax.

These gains would be chargeable to tax in your country of residence i.e. South Africa.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

Thank you for your response. I intend to leave South Africa and relocate to Spain were I will retire and not work.

1.How will this affect my CGT position.

2.Would the UK authorities pass trading information that result in a CGT

to other countries?

Expert:  taxadvisor.uk replied 2 years ago.
Herbert, thank you for your reply.

Provided you live outside the UK and are non resident in the UK for tax purposes, gains are exempt from UK CGT. This would apply whether you lived in South Africa or Spain.

UK tax authorities are unlikely to pass trading information that result in a CGT if you don't live in the UK.

I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes

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