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Capital gains whilst temporarily non-resident

How do I put aside an appropriate amount for tax?

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If a capital gain occurs whilst temporarily non-UK resident, is there any way to achieve certainty over the amount of tax that will become due if/when residence resumes? Essentially lock-in (or indeed just pay, and refund after the 5 years expires if residence hasn't resumed) the tax due now, subject to current rules, as opposed to being subject to potential future increases of capital gains tax, and having to conservatively put aside additional money 'just in case'?

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By Wanderer
24th Oct 2020 05:17

john2874 wrote:
Capital gains whilst temporarily non-resident
How do I put aside an appropriate amount for tax?

If a capital gain occurs whilst temporarily non-UK resident, is there any way to achieve certainty over the amount of tax that will become due if/when residence resumes? Essentially lock-in (or indeed just pay, and refund after the 5 years expires if residence hasn't resumed) the tax due now, subject to current rules, as opposed to being subject to potential future increases of capital gains tax, and having to conservatively put aside additional money 'just in case'?

How would you propose getting the tax back if you "(or indeed just pay, and refund after the 5 years expires if residence hasn't resumed)"?
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By john2874
24th Oct 2020 05:38

I have no idea. I'm just trying to understand my options. I'd previously been told you could file 'protective' claims for things like entrepreneur's relief, so I was wondering if there was a similar mechanisms to lock in the rate of tax at the time of transaction.

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By Wanderer
24th Oct 2020 09:41

No, there isn't.

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By jonharris999
24th Oct 2020 10:52

What sort of gain is it, and how long are you "temporarily" NR for?

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By john2874
24th Oct 2020 11:30

It's a sale of some shares, currently NR and not sure if I'd be returning or not, but would be considered temporarily NR if I returned within the next 3-4 years. Thanks

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By jonharris999
24th Oct 2020 12:19

If I were you I'd put it aside and look on it as an enforced saving.

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By Paul Crowley
24th Oct 2020 14:30

The only solution

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