Lorenzo Colo

On 01/08/2022 HMRC sent an electronic message stating that, despite being a PAYE, I paid too little tax for the year 6 April 2021 to 5 April 2022. The message specifies the amount and that "We will automatically collect the tax by increasing the tax deducted from your wages, salary or pension, usually in equal instalments for 12 months from next April." Do I have to write the amount in my 2021-22 SA in the box "Amount of estimated underpaid tax for 6 April 2021 to 5 April 2022 to be included in your PAYE tax code for 6 April 2022 to 5 April 2023 (from your PAYE Notice of Coding)."?

OK, thanks. I think I'm now be able to deal with it.

Thank you for the reply. I'm not sure of the nature of what I sold as far as HMRC is concerned. Are gains from the sale of a managed fund investing in shares ever treated as "capital gains" instead of "income"? What is a "reporting fund"? How would the gains from reporting fund be taxed?

I bought shares in a fund in 2006 while I was living in Italy. The fund is is composed of shares (as far as I understand), is named Dividendo Arancio and is managed by a SICAV of ING. I have been declaring the dividends in my SA every year. I sold all the holdings in November 2021. I did not pay tax in Italy on the cash I received from the sale. My current guess is that the gains should be reported as "Other overseas income and gains" but I'm terribly confused. The help in the SA form points to Offshore Funds Manual and Savings and Investments Manual. They are huge. I never had to deal with these and I did not expect the matter to be this complicated. First question: can you please guide me in choosing which box of the SA the gains should go? Second question: I know how much I paid in Euros in 2006, I know what I got in Euros in November 2021. How do I calculate the gains?