Tax on Overseas Funds. Is 5% rule valid?

Hi For 10 years I worked overseas and had an ISP (International Saving Plan) through my employer. This was done through Offshore Funds with a well known Investment Company Let's say over the 8 years I put in 10% of my Salary and my Employer put in 5%. These are now invested in 10 different funds in the same scheme in varying amounts and gains/losses. My employer and I have not made any contributions since 2020 I returned to the UK in 2020. In my situation, can I withdraw 5% of the whole fund value per year without paying any tax? I did try to search for this but I could only see info regarding Offshore Bonds & not funds. Thanks in advance

Hi Titch2,
Please have a look at HS265 for advice on offshore funds.
HS265 Offshore funds Published 6 April 2023
Thank you. 

Hi Admin, I have done research and have asked the Investment Company for answers regarding the type of fund I hold. They were not a lot of help at all. I asked them simple questions as described in HMRC guidance which they should tell me ie.Is my investment in reporting/non-reporting funds. No straight answer I checked the list of Reporting Funds and the funds I have is not on there. Not much more I can do but presume my funds are non-reporting I have just withdrawn a bit of the Fund for the 1st time and want to be clear what to put on my self-assessment at the end of the Tax year Opened Investment Jan 2014 (UK Non-Resident) Became UK Resident again July 2020 For simple numbers Over the years mentioned I contributed total $50,000. No more contributions were made after July 2020 being resident in UK The day before my partial withdrawal the Value of the Funds were $100,000 I withdrew $10,000 which was deposited in my UK Bank account in £ using bank XE rate (This was a withdrawal from each of the 10 funds as a percentage) So, as a non-reporting fund, 1st ever withdrawal, no other divestments to me directly & only fund unit value went up /down over that period would my gain be $5,000 (To be entered into OIG Box?) Is my understanding correct? Thanks

Hi Titch3,
We cannot comment on scenarios, only provide general information / guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our webchat facility at Contact HMRC or seek professional advice.
Thank you.