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Consider a person is absent from UK from more than 5 years (so he will not be treated as temporary non-resident), and he later return to UK and becomes UK residents.
Say he buys some oversea assets during his absence period (in which he won’t be regarded as temporary non-resident) and sell it after he has returned to UK. Does he need to pay CGT on that disposal? Thanks.
Yes the gain will be taxable as the taxpayer is now UK resident and taxable on worldwide gains – though if of course overseas tax is payable on the gain then DTR is available. If a taxpayer seeks advice before returning to the UK, then depending on the amount, if any of overseas tax to pay on the gain, it would be better to sell such an asset before resuming UK residence to avoid any charge to UK tax
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