brian hurd
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RE: CGT and Dividends / Excess Reportable income on Part Disposal of funds
Hi. Yes I appreciate that. My clarification question was about where do I show that on my SA return, as there are two places I could enter the information. So - for the purpose of CGT do I show the deduction of ERI / Dividends (where tax is already declared as dividends or interest) : - as a reduction in proceeds on the sale of the shares or - as an increase in the allowable costs of the shares Or does it not matter as long as I provide an additional sheet showing my workings Thanks brian -
RE: CGT and Dividends / Excess Reportable income on Part Disposal of funds
Hi Great - thank you. One final point of clarification. On my SA return do I show the notional dividend (on the units I sold) as a reduction in the proceeds of the sale or an increase in the allowable costs. Thanks Brian -
Accumulating fund part disposal
Hi. I have been through pretty much all of HMRC guidance on this topic, and trawled across Google - but have been unable to find an answer for this, to allow me to correctly complete SA submission. For an accumulating fund (outside of an ISA / SIPP) dividends declared are treated as dividend income and taxed accordingly (even though they are not received in cash). I understand that and know how to complete SA. On part disposal of the same fund, the CGT liability is reduced by the dividend - to prevent double taxation, Is the CGT liability in a given tax year reduced by the full dividend declared across all units in that year - or just on the proportion of the holding sold (with the remainder carried forwards to offset against future sales). Thanks Brian Thanks -
RE: CGT and Dividends / Excess Reportable income on Part Disposal of funds
It is a general query. If I make a part disposal of an accumulating Fund outside of a SIPP/ISA can I offset all of the declared dividends on my holding to reduce the capital gain - or just the dividend associated with the units that are sold. The dividends will be declared / taxed on my self assessment Thanks -
CGT and Dividends / Excess Reportable income on Part Disposal of funds
Hi I hold a few Irish Domiciled Reporting EFTs and GB Domiciled OEICS in a General Investment account (so not in an ISA or SIPP), they are all accumulating funds. I have made part disposals on both, and I am trying to work out how the Excess Reportable Income (for the EFTs) and Dividends (for the OEICs) adjust the Realised Capital Gain I need to declare. There is no Equalisation. For the OEIC I am taxed on the dividend - so the dividend will reduce the capital gain so I am not taxed twice. Can I reduce the Capital gain by the full value of the dividend - or only the proportion associated with the units sold. So if I sell 50% of my holding can I reduce the Capital Gain by 100% of the dividend or only 50%. Same for the EFTs - the Excess Reportable income (ERI) will be classified as dividend income as it is a 100% equity fund. For the EFT I am taxed on the ERI as dividend income - so the ERI will reduce the capital gain so I am not taxed twice. Can I reduce the Capital gain by the full value of the ERI - or only the proportion associated with the units sold. So if I sell 50% of my holding can I reduce the Capital Gain by 100% of the ERI or only 50%. I wish this was all in an ISA or a SIPP - so much simpler ! Thanks