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Posted Thu, 05 Sep 2024 03:17:47 GMT by Akansha Haerting
I have mutual funds in India from before moving to the UK. Currently I'm a UK tax resident and dissolved the mutual funds but reinvested all of the principal and gains into other mutual funds in India. 1. Do I need to declare the gains and pay capital gains tax in the UK.? 2. In the future when I decide to repatriate the money, there will be tax deducted at source, can I avail exemption based on dtaa between UK and India
Posted Wed, 18 Sep 2024 12:29:40 GMT by HMRC Admin 20 Response
Hi,
Mutual funds that are 'Non reporting funds' are treated as 'offshore income gains' and are subject to income tax and not capital gains tax.  
The gains should be entered in box 41 of SA106 and in the box marked "Other overseas income and gains" on the online return.
Thank you.

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