UK shares in UK account - I want to sell some. Tax issues????? Help please

[RachelGreep]

I am a permanent resident in Australia and have been here just over a year. I still have some UK shares in a UK online trading account that I want to sell but I don't know what to do re the minute amount of CGT that may be incurred.

 

The shares are in the UK and when they are sold, the money would be transferred into my old UK bank account and then I could transfer them to my Oz account. What happens with the CGT? Do I need to do anything other than declare it on the next Tax Return? The CGT is minimal and would not be taxed if I were still in the UK as it would be well under the £11,000 allowance.

 

I have no idea what to do. I kept the shares as they were worth less than they cost before we left so no point in selling them then but they have recovered slightly since we got here and I need the cash now.

 

I can't be bothered with all the stress of worrying over tax but I also need to keep the UK address (it is my brother's address and we were living there before we left so he just forwards any mail re the shares) as the company I have the online account with say I can't change my address to an Australian one - I need to be resident in the UK to use their sharedealing service. AAAAARGH!

[MARYROSE02]

You may have to declare the information on both your tax returns, i.e. HMRC and ATO. It is easy enough to contact HMRC either on line or by phone. (You could think about registering online with them too, if you've not already done so.) And find yourself a tax agent to help with your ATO returns. Their fees are tax deductable. H & R Block seem to be unbiquitous in Australia, but there are plenty of others.