Offshore Income Gains

IFM13500 says that disposal of a non reporting fund generates an OIG calculated according to the rules in TCGA 1992. Can you please clarify if one can offset losses for the year, the capital gains annual exempt amount or losses carried forward in this calculation? I believe that the result goes in Box 41 of the Foreign Pages. Does one need to include the asset also in the Capital Gains pages?

Hi,

In general, if you are UK resident, you would declare the foreign gains on your UK tax return and UK losses would be available to set against the gains. However, if you have claimed the remittance basis then you will need to consider the guidance here:

CG25330 - Remittance basis: losses: introduction

Thank you.