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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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UK tax question: I owned shares in SA which I have now sold.

Customer Question

UK tax question: I owned shares in SA which I have now sold. For the purposes of CGT do I declare the sale of the shares in SA and apply for a Foreign Tax Credit in the UK where I am resident or the other way round?
Submitted: 19 days ago.
Category: Tax
Expert:  Virtual-mod replied 19 days ago.

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Expert:  Sam replied 19 days ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 19 days ago.


First I need to establish where do you live now

Are you a British citizen if not then when did you arrive to live here in the UK

Will the money from the sale of these shares come to or be spent in the UK?



Customer: replied 18 days ago.
Thank you for your response. I am a British Citizen by Naturalisation. I left South Africa in 1999 to live in the UK. I bought the shares in SA in 2000. I intend to transfer the capital sum from the sale of the shares to my bank account in the UK for investment in the UK.
Expert:  Sam replied 18 days ago.


Then you will be liable to UK capital gains tax with the first £12300 exempt as this is the annual exemption allowance

If more than this then the first £12,300 is exempt and any UK tax can be covered by the SA tax suffered

You need to declare this on a self assessment tax return on the foreign income page (but also declare all other income)