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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I still have some investments offshore after returning from

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I still have some investments offshore after returning from abroad a year ago. What will be my tax liability.
Assistant: Have you talked to a tax professional about this?
Customer: Not yet
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: The funds are held in the Isle of Man. I stopped paying into the fund when I returned to the UK and the capital gains have been minimal over the past year
Assistant: What are the assets or property for this capital gain?
Customer: It's all held in an investment fund
Customer: replied 1 month ago.
I was non domiciled for 15 years in the Middle East. I returned to the UK on 26 July 2018. The funds i have are currently in USD, but I want to bring the funds into the UK and transfer into a UK pension... but obviously minimise my tax liability.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

As you are now UK resident for tax purposes, any capital gain arising on encashment of investment funds would be chargeable to UK capital gains tax.

You would claim your gains allowance against the gain.

My aim is to give you a professional service. I hope this is helpful and answers yourquestion.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 1 month ago.
Thanks. So to clarify, I would be liable for capital gains tax just on the investment return and not on the capital investment premiums paid? All premiums were paid prior to becoming a UK tax resident.
Customer: replied 1 month ago.
Also will CGT be charged on the entire return or just on the return received since becoming a UK tax resident?

Thank you for your reply.

Any tax payable is on realisation of the investment and not on additional capital investment premiums paid.

CGT is payable on entire return once you become UK resident for tax purposes.

I hope this is helpful and answers your question.

If there are no more issues, I will appreciate if you would kindly rate my service by selecting the 5 stars at the top of the screen before you leave, to ensure I get credited for it by Just Answer today.

Many thanks

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

I will appreciate if you would kindly rate my service to ensure I get credited for it by Just Answer today.

Many thanks

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Customer: replied 1 month ago.
Yes. That answers my question. Thank you.

I thank you for accepting my answer.

Best wishes.