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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17616
Experience:  International tax
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I bought shares in an Irish company whilst living in Ireland

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I bought shares in an Irish company whilst living in Ireland 6 years ago. I moved to the UK 3 years ago. The shares have done very well and I am now contemplating selling. Have I got any UK capital gains exposure wrt the profit from these shares in the UK?
Unfortunately, yes.
According to HMRC ; Most assets are liable to Capital Gains Tax when you sell or dispose of them. These include shares, property, business assets and personal possessions - whether they're in the UK or overseas.
You will need to work out your gain on the sale.
You will find a step-by-step guide if you use the following:
Customer: replied 4 years ago.
Is the capital gains tax based on the whole capital gain or just the portion that has been made since moving to the UK (with the earlier gain perhaps being due in Ireland?). I still have a euro account in Ireland which is where the proceeds from the sale of the shares will be paid - how would tax depts in the uk even know about the sale?
It would be from the time you purchased. You would not split the gain.
The question on how a taxing authority knows about income is one asked many times.
You would need to report the sale when you complete your self assessment.
Customer: replied 4 years ago.
What happens of you don't complete a self assessment??
You could be penalized for failure to declare income.
The penalty is a percentage of what HMRC calls the ‘potential lost revenue’. Potential lost revenue (PLR) is the amount that arises as a result of the failure to notify.
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