How much CGT do I pay on on sale of UK shares?

[BenK]

I am a UK passport holder living as permanent resident in Australia.

 

I am selling shares in a private company I was a founder of in the UK. Can anyone tell me what CGT I will have to pay and in which country? Also, if I pay the CGT in the UK and then keep the money over there does it mean I avoid getting hit for CGT in Australia?

[Alan Collett]

(If I may, Andrew)

 

Hi BenK. This is an issue of CGT in Australia - tax residents of Australia generally pay CGT in Australia based on the disposal of their worldwide assets.

 

There are exemptions for certain temporary visa holders, but you have permanent residency status.

 

Probably worthwhile exploring the CGT position with a tax accountant who is across the issues, and having a pro forma CGT computation prepared so you know how much money to put aside for the tax following the disposal of your shares.

 

Best regards.

[BenK]

(If I may, Andrew)

 

"Hi BenK. This is an issue of CGT in Australia - tax residents of Australia generally pay CGT in Australia based on the disposal of their worldwide assets."

 

 

Thanks for your reply Alan.

Will I not primarily be subject to CGT in the UK and then have to deal with the ATO?

[Alan Collett]

(If I may, Andrew)

 

"Hi BenK. This is an issue of CGT in Australia - tax residents of Australia generally pay CGT in Australia based on the disposal of their worldwide assets."

 

 

Thanks for your reply Alan.

Will I not primarily be subject to CGT in the UK and then have to deal with the ATO?

 

 

 

Hi again Ben.

Will I not primarily be subject to CGT in the UK and then have to deal with the ATO?

 

=> In short, no I believe you won't.

 

Feel able to send a PM to me to discuss further.

 

Best regards.