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  • Off Shore FCP funds transparency status

    Dear HMRC, I have read that off shore FCP funds are considered "transparent" for income tax purposes, may I please confirm that? Cheers
  • Dividend from Preferred Stocks

    Dear HMRC, I received dividend from Preferred Shares of certain company. Do these count as Dividend or Interest income when I file for self assessment? Thanks
  • RE: Exchange Rate for Foreign Income

    Dear HMRC Thanks. I am unsure about the cutoff date when choosing which March Spot rates are applicable. For example, transaction on Mar 31 2021 would make use of Mar’21 spot rate instead of Mar’22 spot rate. But what about 1 day later on Apr 1 2021? Is the cut off Mar 31, meaning it should refer to Mar’22 Spot rate? Or is the cut off on Apr 5 (end of tax year), which means an Apr 1, 2021 transaction should still refer to the Mar’21 spot rate instead of the Mar’22 spot rate? Thanks
  • Exchange Rate for Foreign Income

    Dear HMRC, Regarding foreign exchange rate used to convert foreign income into GBP. 1. Instead of using the HMRC published monthly spot rate, monthly average rate and annual average rate , can I use a daily spot rate quoted from Bank of England website based on the date of the transaction? 2. Amongst all the various rates I can use, am I free to use different rates for different income entries? e.g. for May 10th dividend I use the monthly rate, for May 12th dividend, I use the annual rate, for Jun 30th saving interest I used monthly rate again? 3. For Annual rate, using 2022/23 tax year for example, am I correct to say I can choose between Dec'22 Annual Rates, as well as Mar'23 Annual Rates? Thanks