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Our client (Mr M) became non-UK resident in August 2011 when he left the UK to work on a full-time employment contract overseas.
Mr M is also a director of a UK company in which he owns all of the shares and which qualifies as trading. His overseas employer is interested in buying this company and he is willing to sell.
There is a possibility that Mr M will not be outside of the UK for five complete tax years so that gains realised when he is abroad will fall to be taxed here on his return.
However we note that the time limit for claiming capital gains tax entrepreneurs’ relief is 31 January following the end of the tax year in which the gain arises.
If the tax return reporting the gains on his return to the UK falls outside of that time limit is Mr...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
