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Residency

You can define residence changes in the residency section. Each change represents the residency status effective from the date of the change. The initial or default status is to be tax resident in the UK. If you were not born in the UK you can define your residency from a date earlier than any transactions in the system (e.g. from when you were born or from before you held any shares). The system then calculates your residency status for every year from the first transaction in the system to the current date.

Temporary Non-residency

  • The temporary non-resident status is not validated by the system so you must determine if it is appropriate for your situation.

  • Gains on assets held when you ceased to be resident and realised during temporary non-residency are charged on the first day of your return.

  • Assets purchased and disposed of in the same temporary non-resident period are not charged to tax by the system.

  • Where a section 104 holding contains a mixture of an asset purchased while resident and temporary non-resident, they system prioritises disposing of the temporary non-resident assets first.

  • The number of shares counted as purchased while temporary non-resident are reset to zero when you recommence residency and will not be carried from one temporary non-residence period to another.

  • For more information on temporary non-residence gains see the HMRC help sheet.