Jump to content
badhairday

Is purchasing shares in certain other countries, a way to avoid CGT

Recommended Posts

As I understand it you can make 10k a year profit on the sale of shares before it becomes taxable due to CGT. That is plenty enough for me.

 

However, I was idly wondering if, if you open a share dealing account in say, Singapore or Hong Kong where I understand there is no CGT, then there would be no tax to pay either in the UK or in the country where your account is. Right? Is opening a share dealing account in another country, which has no CGT a possibility or not? In the same vein, if I open a Goldmoney account in zurich, would I have to pay UK CGT on any profits? I presume none would be payable in Zurich.

 

Thanks in advance

Share this post


Link to post
Share on other sites

I think the personal CGT is allowance is £10,100 p.a but that's neither here or nor there. That could well change in the emergency budget on the 22nd June though.

 

Generally if you live in the UK i.e. ordinarily resident in the UK you have to declare any income or gains regardless of where in the world it was earned. It will be part of your tax assessment so storing your gold in Zurich or opening an account with a foreign broker will not absolve you of a capital gains tax liability.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×