Non Dom, CGT on Stocks and Changing Brokers

[Phileas1969]

Hello,

Looking for some advice please.

I am a Brit and I am non domiciled living in Ireland.

I have recently invested in some stocks and shares (in Canada, USA) using Interactive Brokers account (Ireland) but a friend said I should move my shares to an off shore broker if I intend not to bring any of it into Ireland in the future as it will save me on CGT. And, if I wanted to sell any while living in Ireland, I could as long as I don't remit it.

I have been reading that I can move my shares to somewhere like Swissquote or Saxo and hold my stocks there but I am not sure if this is the right thing to do. I originally had stocks in Trading212 which I found out I had to sell stocks before leaving Ireland which meant I would be paying CGT on all my gains. I don't want to be keep moving brokers, so looking to find the right information.

I was looking to go see a specialist but I was reading on here about how some people have said that many of these so called specialists were a waste of time, and weren't clued up enough. I don't mind paying for information if it useful.

My main questions are, can I move my shares to somewhere like Swissquote or Saxo and legally avoid paying CGT on gains as long as I do not remit into Ireland. And, if not paying CGT here, would I be paying it elsewhere instead depending where the broker is based?

Thanks in advance for any advice.

 

[Farma1]

Short answer is yes you can as long as the broker isn't based in Ireland and you don't remit the gains (or the initial purchase money as its impossible to separate gains from that in practicality) back to Ireland. If its small amounts its not really worth the hassle (or the increased charges) but once you have a few hundred thousand (on top of maxing out pension and paying down mortgage) then it needs to be considered. Theres a lot of practical planning that goes with it to ensure you never mix your accounts or remit accidentally etc. You also have to be careful what you buy - if you have a few hundred thousand it should be in a mix of funds rather than individual shares but only certain ones qualify for remittance base taxation.