CGT and Dividends / Excess Reportable income on Part Disposal of funds

Hi I hold a few Irish Domiciled Reporting EFTs and GB Domiciled OEICS in a General Investment account (so not in an ISA or SIPP), they are all accumulating funds. I have made part disposals on both, and I am trying to work out how the Excess Reportable Income (for the EFTs) and Dividends (for the OEICs) adjust the Realised Capital Gain I need to declare. There is no Equalisation. For the OEIC I am taxed on the dividend - so the dividend will reduce the capital gain so I am not taxed twice. Can I reduce the Capital gain by the full value of the dividend - or only the proportion associated with the units sold. So if I sell 50% of my holding can I reduce the Capital Gain by 100% of the dividend or only 50%. Same for the EFTs - the Excess Reportable income (ERI) will be classified as dividend income as it is a 100% equity fund. For the EFT I am taxed on the ERI as dividend income - so the ERI will reduce the capital gain so I am not taxed twice. Can I reduce the Capital gain by the full value of the ERI - or only the proportion associated with the units sold. So if I sell 50% of my holding can I reduce the Capital Gain by 100% of the ERI or only 50%. I wish this was all in an ISA or a SIPP - so much simpler ! Thanks

Hi,
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You may wish to contact our team for advice
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Thank you.

 

It is a general query. If I make a part disposal of an accumulating Fund outside of a SIPP/ISA can I offset all of the declared dividends on my holding to reduce the capital gain - or just the dividend associated with the units that are sold. The dividends will be declared / taxed on my self assessment Thanks

Hi,
Just the ones associated with the sale as the remainder will be used when you sell the rest.
Thank you.

Hi Great - thank you. One final point of clarification. On my SA return do I show the notional dividend (on the units I sold) as a reduction in the proceeds of the sale or an increase in the allowable costs. Thanks Brian

Hi,
Any excess reported income which arose to you during the period in which you owned the shares/units can be deducted when calculating your capital gain.
This ensures you are not subject to double tax on the excess reported income.
Thank you.

Hi. Yes I appreciate that. My clarification question was about where do I show that on my SA return, as there are two places I could enter the information. So - for the purpose of CGT do I show the deduction of ERI / Dividends (where tax is already declared as dividends or interest) : - as a reduction in proceeds on the sale of the shares or - as an increase in the allowable costs of the shares Or does it not matter as long as I provide an additional sheet showing my workings Thanks brian

Hi .
 

It will be allowable costs .

Thank you .

Hi Where the Excess Reportable Income is classified as dividend income and comes from an Irish Domiciled ETF (with UK reporting status) - Do I declare the dividend income as from the UK or from Ireland on my SA return ? I didn't know if the UK reporting Status makes it fall under the UK line Thanks Brian