B
bingocaller
Guest
Hello, my first time on this board.
My question relates specifically to the difference in tax treatment to gains (dividends or capital gains through share sales) in an offshore stockbroking account Vs a UK onshore one for an Irish person who has been resident in Ireland within the last 5 years. I have lived in Switzerland for the last 2 years or so and am tax resident there. I moved here from Ireland.
Is the following correct - assuming all stocks bought are UK listed?
Dividends. There is no withholding tax on UK dividends although there is a hypothetical tax credit. Except in certain circumstances like owning UK income generating property this tax credit is irrelevant to non resident investors. There is no liability for UK tax on a dividend for a non UK resident.
Capital gains through share sales. There is no liability to UK tax on these gains for a non resident (& has not been resident for the last 5 years).
Key question: Is it correct that If the gains is paid into a UK based stockbroker it must be declared in a tax return in the same tax year in the country where I am tax resident (Switzerland) and also in Ireland if a capital gain has occured?
However the gains need not be declared if they are paid into an offshore stockbrocker until such time as the money is withdrawn from that stockbroker when it should be declared in the country where I am tax resident at that time?
Are dividends treated differently?
For reference I am looking at Barclays stockbrokers in the UK (for cost, currency and quality purposes) and Internaxx in Luxemborg as the offshore one (provided I can actually get my head around the tax thing!)
Thanks TBC
My question relates specifically to the difference in tax treatment to gains (dividends or capital gains through share sales) in an offshore stockbroking account Vs a UK onshore one for an Irish person who has been resident in Ireland within the last 5 years. I have lived in Switzerland for the last 2 years or so and am tax resident there. I moved here from Ireland.
Is the following correct - assuming all stocks bought are UK listed?
Dividends. There is no withholding tax on UK dividends although there is a hypothetical tax credit. Except in certain circumstances like owning UK income generating property this tax credit is irrelevant to non resident investors. There is no liability for UK tax on a dividend for a non UK resident.
Capital gains through share sales. There is no liability to UK tax on these gains for a non resident (& has not been resident for the last 5 years).
Key question: Is it correct that If the gains is paid into a UK based stockbroker it must be declared in a tax return in the same tax year in the country where I am tax resident (Switzerland) and also in Ireland if a capital gain has occured?
However the gains need not be declared if they are paid into an offshore stockbrocker until such time as the money is withdrawn from that stockbroker when it should be declared in the country where I am tax resident at that time?
Are dividends treated differently?
For reference I am looking at Barclays stockbrokers in the UK (for cost, currency and quality purposes) and Internaxx in Luxemborg as the offshore one (provided I can actually get my head around the tax thing!)
Thanks TBC