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Posted Tue, 17 Dec 2024 18:44:47 GMT by dijeah
I have Capital gains from non-reporting mutual funds in India, for which I already paid tax in India. How do I apply for tax credit on the online self assessment? I entered the Capital gains in the box - 'Other overseas income and gains' section in the box 'Gains on disposals of holdings in offshore funds (excluding the amounts entered in 'Taxable amount' box for 'All other income received by a person abroad and any remitted 'ring fenced' foreign income') and discretionary income from non-resident trusts. Enter the amount of the gain or payment: (optional)' However, when I enter the tax I paid on this in the box 'Tax treated as paid: (optional)', I get an error saying 'The amount entered for 'Tax treated as paid' must be less than the amount entered for 'Gains on foreign life insurance policies etc'. Please amend.' If I relate this to the SA106 form, I am using the boxes 41 and 45. But it looks like 45 is related to 43. So I am lost on how to claim tax relief on this which is 15%. Please help.
Posted Mon, 30 Dec 2024 09:35:29 GMT by HMRC Admin 32 Response
Hi,
When tailoring your tax return, you tick yes to the capital gains section, to report the gain and also the foreign section, where you and tick yes to claim a foreign tax credit.
Thank you.

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