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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5113
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

, I am going to be non resident ( moving years contract

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Hi, I am going to be non resident ( moving for 6 years contract to Abu Dhabi) but will have some income from FX trading. Do I need to pay a tax on that? I pay CGT at the moment from profit. Thanks
Hello and welcome to the site.

Thank you for requesting I help you with your question.

If you are going to be non-resident for this length of time, may sure you are out of the country for 5 full tax years i.e 6 Apr 2015 to 5 Apr 2020. This way you will escape CGT on all profits made from FX trading whilst you remain non-resident in the UK for UK tax purposes.

More information on this can be found on HMRC helpsheet HS278 here (look at introduction para 3)

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 3 years ago.

Thanks for answer. But if I for some reason come back to UK in 2 years do I need to pay CGT for those 2 years?


Thank you for your reply...

Any FX trading activity you performed whilst being a non resident in a tax year would escape CGT. Say you were out of the country from 6 Apr 2015 to 31 Dec 2017.
As you would have been non-resident for a full tax year 2015-16..gains arising in this tax year would not be chargeable to UK CGT.

Gains arising between 1 Jan 2018 to 5 Apr 2018 would be chargeable to UK CGT as you would claim split year treatment for tax year 2017-18 i.e. gains made whilst out of the country be excluded from CGT calculation.

I hope this is helpful.

Customer: replied 3 years ago.

Brilliant. Thanks for help.

Customer: replied 3 years ago.

Sorry I need to rate you. Please reply. Thanks

Thank you for your reply.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it. and other Tax Specialists are ready to help you
I thank you for accepting my answer.

Best wishes.