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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: European Law
Satisfied Customers: 8106
Experience:  English solicitor with over 12 years experience
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We are 3 directors in UK LTD compay - All 3 of us never

Customer Question

We are 3 directors in UK LTD compay - All 3 of us never visited UK and are all NON RESIDENTS for Tax purpose as well - one director address is of Saudia , one director address is of Pakistan , while one director address is of UK - but he is non resident - we are selling our Amazon Account and LTD company - we are having gain of 150k pounds - Do we have to pay any tax ( Capital Gain or other) in uk? , as we are non-residents of UK , and will not go to UK in near future ? Buyer will settle consideration in Pakistan and not in UK, but he will declare full value of consideration for purchase of UK business and pay Stamp Duty on it. Moreover, who bears the Stamp duty, buyer of business or seller of business?
Submitted: 16 days ago.
Category: European Law
Expert:  UKSolicitorJA replied 16 days ago.

Hello,

I am a solicitor.

Customer: replied 16 days ago.
hi
Expert:  UKSolicitorJA replied 16 days ago.

The good news is that you are not liable to pay UK Capital Gains Tax on the sale of shares in the UK company as you are not resident in the UK. You would be liable to pay if you come to the UK within 5 years of the sale.

Stamp duty is payable by the buyer, not the seller.

May I help further?

Customer: replied 16 days ago.
can you share hmrc reference link pls ?
Expert:  UKSolicitorJA replied 16 days ago.

Please see here: https://www.gov.uk/capital-gains-tax/what-you-pay-it-on

"If you’re abroad

You have to pay tax on gains you make on property and land in the UK even if you’re non-resident for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving."

All the best