CGT Capital Gain Tax Terms with "N"

Glossary of CGT Capital Gain Tax - Glossario CGT Capital Gain Tax

A | B | C | D | E | F | G | H | I | L | M | N | O | P | Q | R | S | T | U | W

Negligible Value Claim: if you own shares that become worthless, or almost worthless, you may be able to make a Negligible Value Claim. You can then work out your loss as if you'd sold the shares for their negligible value.

Non-Domicile: if you're not domiciled in the UK - known as non-domiciled - it can affect your tax treatment. Every case is different, but your domicile may be affected by factors such as:

  • where you were born;

  • your plans to live permanently in a country;

  • where your father was born;

  • whether you've lived abroad.

If you're non-domiciled in the UK, you may wish to use the remittance basis of tax, which affects how your worldwide assets are taxed. See also Remittance Basis.

Use the Tax Residence Indicator to check whether you are considered to be resident in the UK for the purposes of Income Tax and Capital Gains Tax.

Non-Resident: if you don't meet the conditions for residency, you're described as non-resident. If your normal home is outside the UK and you are in the UK for fewer than 183 days in the tax year you may be non-resident. Many other factors need to be taken into account, for example your lifestyle and connections with the UK. Your residency status can affect your tax liability. If you're non-resident in the UK, you'll still have to work out the gain or loss on most assets you sell or dispose of in the UK. You may not get the same tax allowances as someone who is resident in the UK. See also Residency.