Capital gain tax in UK

J

Jain546

Hello :)

Currently I live and work in France. Iam thinking of relocating to UK and get a job there. My incomes are not high but trading help me to raise it up. So I am wondering about the capital gain tax in UK.

1/ In France we have a 30% flat tax. No CGT allowance. If I understand it correctly in UK there is 0% tax on the first £11,300. And the remaining would be taxed 10%, 20% or a mix of both depending of the level of my capital gains and my other incomes. Am I correct ? It sound really good in comparison with France !

2/ As far as I know, if I stop working and just trade for a living here in France I will quickly be pushed to open a company in order to continue. And taxes will be high (I have heard it is up to 60%). How about UK ? What will happen to me if I lose my job and just trade for a living ?

Thank you !
 
Jain546 said:
Hello :)

Currently I live and work in France. Iam thinking of relocating to UK and get a job there. My incomes are not high but trading help me to raise it up. So I am wondering about the capital gain tax in UK.

1/ In France we have a 30% flat tax. No CGT allowance. If I understand it correctly in UK there is 0% tax on the first £11,300. And the remaining would be taxed 10%, 20% or a mix of both depending of the level of my capital gains and my other incomes. Am I correct ? It sound really good in comparison with France !

2/ As far as I know, if I stop working and just trade for a living here in France I will quickly be pushed to open a company in order to continue. And taxes will be high (I have heard it is up to 60%). How about UK ? What will happen to me if I lose my job and just trade for a living ?

Thank you !
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With regards to your second question. Tax regulation is complex and I have no definite answer. However, it is my impression that in most countries the distinction between capital gains tax and being taxed as a business does not depend primarily on whether you have a job or not. Usually factors such as volume of trade, frequency, education and whether you have worked in the financial industry are more important.
 
It has been a long time since i read the tax manuals at HMRC.
But from what i recall if you are directional trading then it will be capital gains, but if your profits came more from a market making style of trading then they could be classed as income tax.
 
southall said:
It has been a long time since i read the tax manuals at HMRC.
But from what i recall if you are directional trading then it will be capital gains, but if your profits came more from a market making style of trading then they could be classed as income tax.
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Nah, you can do what you like....it's all tax free.
 
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