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Posted Wed, 17 Jan 2024 02:53:39 GMT by
Hi, I currently live in NZ (NZ resident / UK non-resident) and will become a UK resident later in the year when I move for work. I currently hold savings in the couple of NZ investment funds (I think these would be the same as mutual funds, I hold units if mixed assets). I think they would be classed as 'non-reporting' from the research that I have done. Once I am in the UK and resident, how would these be treated for tax? Would there be annual reporting on income (all gains are re-invested, and I pay NZ tax on the income), or do I only need to report on my UK returns if I sell my investments whilst UK resident? Would I be subject to tax on the entire gain rather than CGT? Also, if I were to switch funds (within NZ in the same company, or move my savings to a different NZ fund) prior to becoming UK resident, would the gain on these effectively be 're-set' or crystallized to the time of the change? Many thanks.
Posted Fri, 19 Jan 2024 08:29:39 GMT by HMRC Admin 20 Response
Hi hugoluka,
HMRC cannot comment on future events as legislation/plans may change.
For current rules, please refer to Tax on foreign income
Thank you. 

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