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Posted Tue, 22 Oct 2024 14:12:01 GMT by Brother_Luke
Hello. This year I am trying to add sales of overseas non-reporting mutual funds to my SA. I understand this will be taxed as income not CGT. Please could you clarify where on the online SA form I would put this and how do deduct the tax I paid on it overseas. For example I had a gain of £2000 on which I paid £200 tax. On Box 52 of ‘Overseas Income and Gains’ there is only a box for ‘Gains’ and no mention of tax paid. Can I use ‘Interest and Other Income from overseas’ in foreign section instead where I am able to specify the tax paid? As it is not charged to CGT - does tax paid on non-reporting funds qualify for income FTCR? Thank you
Posted Tue, 29 Oct 2024 12:23:16 GMT by HMRC Admin 21 Response
Hi,
Please refer to guidance at: HS265 Offshore funds.
Thank you.
Posted Mon, 04 Nov 2024 13:21:52 GMT by Brother_Luke
Hi yes I did look at the guidance. Unfortunately, it didn't contain that information. Nor was there any clear guidance on Self Assessment submission. I tried calling HMRC but the queue is seriously long. I only need to work out where to declare the tax paid on sale of non reporting mutual funds on the SA form and whether it qualifies for FTCR. I can then submit my Self Assessment. Thanks,
Posted Fri, 08 Nov 2024 13:39:23 GMT by HMRC Admin 19 Response
Hi,
A non-reporting fund is any offshore fund that does not have reporting fund status for a particular period of account  Non reporting funds are treated as 'offshore income gains' and are subject to Income Tax and not Capital Ggains 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.
If tax is payable on the overseas country, you can claim a foreign tax credit in box 2 of SA106.  
Self Assessment: Foreign (SA106)
Thank you.

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