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bigduckontax, Accountant
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I invested £30 000 in a South African shipping company

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Hi, I invested £30 000 in a South African shipping company in 2012. I am due to receive £100 000 very soon. I am married. I also have dual nationality. British and South African. All money transactions are traceable. How much tax do I need to pay on this money from shares sold in south Africa? I have done some research but nothing that applies to me directly. Please help.
bigduckontax
Hello, I am Keith, one of the experts on Just Answer and pleased to be able to help you with your question. In which country do you reside? I need to know this before I can respond.
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Customer: replied 2 years ago.
Hi Keith, I reside in UK.
Your capital gain is 100K - 30K = 70K. Deduct your non cumulative Annual Exempt Amount (AEA) of 11.1K leaves 58.9K exposed to UK Capital Gains Tax (CGT) at 18% or 28% or a combination of the two rates depending on your income including the gain in the tax year of sale. Worst case scenario is a tax bill of a tad under 16.5K. Under the Double Taxation Treaty between the UK and South Africa any tax payable in SA on this gain is allowable as a tax credit against a similar charge in the UK. The Treaty precludes such items being taxed in both jurisdictions, but does not protect you from differences in rates of taxation. I do hope that you find my reply of assistance.
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Customer: replied 2 years ago.
HI Keith, thank for this, but I did say that I am married. Is my wife able to accept and money? I earn £28500 per year.
Unless she owned the shares, unfortunately no. So sorry to have to rain on your parade.
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Customer: replied 2 years ago.
she did invest some money. but not the majority.
If those shares were in her name then the gain would be shared, but if not then there is no respite from CGT.
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Customer: replied 2 years ago.
thank you for your help Keith
Thank you for your support.
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