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'?
Replies (7)
Please login or register to join the discussion.
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)"? 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'?
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.
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