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shxpat
Newbie
Joined: Mar 02, 2004
Posts: 7
Status: Offline
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 Posted:
Mar 17, 2004 - 05:49 PM |
 
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| Post subject: Capital Gains Tax and Properties etc, a UK national |
Im from the UK, but have been living abroad for about 2-3 years. I understand i will be considered non-resident after about 4 years ( with various ways to measure this).
As a non-resident is my liability to Capital gains on shares and properties, both here and in the uk affected, if so, how?
I have the notion that i will be exempt from many as a non-resident.
Thanks in advance
PS - i fell kind of embarassed as i am FPC3 qualified. |
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Slowbiker
Reacher
Joined: Oct 09, 2002
Posts: 285
Location: Shanghai, Hong Kong, Macau, London,
Status: Offline
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Mar 17, 2004 - 11:39 PM |
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Not to worry unduly now, what might be true now will most probably be false when you do decide to return!
I left 10 yeas ago, thinking I'll be bck within a year, and here I am still in th far east! |
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LeiFeng
Raver
Joined: Oct 17, 2002
Posts: 440
Location: Shanghai
Status: Offline
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Mar 17, 2004 - 11:43 PM |
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I am tempted to say that having living outside of the UK for so long, you are exempt from all taxes on non-UK sourced income. If the income is UK-sourced, it gets more complicated (in fact, I believe you are eligable regardless of residency...). Of course, this is the sort of question to put to a qualified accountant experienced in dealing with british expatriate tax issues...  |
_________________
Principal, XLNTE. Experience Excellence.
ben@xlnte.com.
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Sinsabit
Reacher
Joined: Sep 15, 2002
Posts: 372
Location: Hengshan Ditie zhan fujin
Status: Offline
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Mar 18, 2004 - 11:28 AM |
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I agree with Lei-feng, in that all non-UK income/gains fall out of the UK tax liability computation when you go "non resident".
All I can add is that the status of "non-resident" can depend on your intention. If you leave the UK on a contract, intending not to come back for periods that fall within certain periods laid down by the Taxes Act, then you can go "non-resident" from the day you wave farewell to 'Ol Blighty at Heathrow.
Check this page out, full of great stuff regarding this.
http://www.inlandrevenue.gov.uk/pdfs/ir20.htm |
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