Share this content
1
293

CGT shares bought when non resident

Client bought shares in US$ whilst resident in bermuda. Now sold them whilst in UK. CGT issue.

I feel i may be missing something here.  Client was resident in Bermuda for a number of years and bought shares there in US$.  She returned to UK in 2013 and has recently sold them.  I've converted both acquisition and disposal in GBP at relevant rates resulting in quite a gain although the US$ movement is negligible.  Is there any relief given that it mainly arose whilst not resident?

TIA

 

Replies

Please login or register to join the discussion.

avatar
19th Nov 2017 16:38

KevinLyons wrote:

I've converted both acquisition and disposal in GBP at relevant rates resulting in quite a gain although the US$ movement is negligible. 

Over the last year, sterling has been at a 40 year low - by some margin - compared to the average over almost any period in the last 40 years. When was the client buying these shares?

Thanks (0)
to Accountant A
19th Nov 2017 23:11

I think that you are missing that both the purchase and sale were in USD. A big fall in GBP between the two dates would produce precisely the effect the OP observes. It is not an anomaly.

Thanks (0)
Share this content