UK Capital Gains Tax

Capital Gains Tax (CGT) in the UK is a lot more complex than the Capital Gains Tax System in Australia.

An individual is liable to capital gains tax on a gain arising on the disposal of an asset anywhere in the world if that individual is either resident or ordinarily resident in the UK.

However, such an individual who is not UK domiciled is liable to capital gains tax on gains arising outside the UK only to the extend that those gains are remitted to the UK.

Ensure you obtain professional advice before buying or selling any assets (especially a business), as the ramifications could be significant.

We, at UHY Perth, have been advising migrants for many years as the best way to dispose of assets to suit your individual needs.

Chargeable gains made by a company are not charged to capital gains tax but instead are charged to corporation tax as part of the chargeable profits.

Capital lossses, including those brought forward from previous years, can be ofset against capital gains. Capital losses can't be offset against normal taxable income.