Capital gains from non-reporting offshore funds with no income

Consider the following (hypothetical) scenario: In a given fiscal year, I do not have any income liable to tax. However, I do have capital gains of £10,000 from selling shares in a non-reporting offshore investment fund. How much tax would I need to pay on that? As far as I understand, since the fund is non-reporting, any capital gains from it are taxed as income. However, since my total income would then still be below the personal allowance of £12,570, the tax rate would be 0%. Is this understanding correct? Follow up question: How would this change if the fund were reporting? Is it correct that I would then need to pay 10% tax on the £7,000 above the capital gains allowance of £3,000?

Hi Robin,
Unfortunately, we cannot comment on scenarios, real or imagined in this forum.
If you have a question which relates to your personal tax situation or tax code please contact our helpline:
Income Tax: general enquiries
Thank you. 

 
 

I am confused: almost every question in this forum is about a real or hypothetical scenario related to tax, and they do generally receive answers. In which way does my question differ from those?

Hi Robin,
We can only give general advice.
If  you want an answer to a scenario, you will need to seek out a professional adviser.
Thank you.