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Posted Mon, 20 Mar 2023 20:31:34 GMT by samwai
Dear HMRC I have unit trust bought from other country. I can find it under the reporting fund list under HMRC website. May i clarify 2 points from you? 1. For the intetest i recieved (>5000 pounds annually), should it be counted as DIVIDEN instead of overseas INterest category ?( as they have different tax rating) 2. If i dispose it in future, will the gain counted as Capital Gain instead of Income ? Many thanks for your clarification Mr Wong
Posted Fri, 24 Mar 2023 14:03:02 GMT by HMRC Admin 20
Hi samwai,

Guidance on the tax treatment of income arising from the various types of offshore unit trust is provided at IFM13356.  

IFM13356 - Offshore Funds: participants in offshore funds: participants within the charge to income tax: income and distributions from non-reporting funds: non-transparent funds

Thank you.
Posted Sun, 26 Mar 2023 09:48:47 GMT by samwai
If I sold my overseas fund and it ends up a capital loss. Did it mean that I do not need to report this trade to HMRC during tax submission.
Posted Tue, 28 Mar 2023 14:12:38 GMT by HMRC Admin 17

There is no requirement for you to declare a loss to HMRC. 

If you do not declare the losses to HMRC, you are unable to carry them forward to set against any future gains .

The guidance on losses at CG15800 provides more information :

Capital Gains Manual .

Thank you.

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