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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4100
Experience:  FCCA FCMA CGMA ACIS
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I mad some investments whilst i lived overseas - 2002 - 2013

Customer Question

i mad some investments whilst i lived overseas - 2002 - 2013 ] , bad investments as it turned out , but i will likely see a return but only around the value i paid or below, as there is no capital gain wll i have to pay any tax??
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. If you live in the UK for more than 183 days in any tax year you are liable for UK taxation on your income and activities world wide. If you sell your overseas investments any gain or loss will be liable to Capital Gains Tax (CGT). Losses are, of course, not taxed, and can be carried forward indefinitely to offset future gains or used in the year the loss is sustained to offset gains elsewhere. I do hope that my reply has been of assistance.
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Customer: replied 1 year ago.
Thanks Keith, so to confirm , if i suffer a loss on these investments I pay no capital gain tax?? and if i see a gain I pay CGT on any profit???
Expert:  bigduckontax replied 1 year ago.
Yes, but remember that you have an Annual Exempt Amount of 11.1K to offset any gain which might assist in reducing any liability to zero. With losses there is no CGT as I explained.
Thank you for your support.