Sixto Olson

Thanks, I had read the guidance. As I said at the start of the thread "Page FN7 of the Foreign Pages says that stock dividends or bonus shares should not be included with the other dividends." But it doesn't say where they should be reported. The tax rates in the guidance are for dividends (cash dividends?), they don't specify tax rates for stock dividends / bonus shares.

What are the rules for matching units sold of an Offshore Investment Fund against units purchased on various dates? Are they similar to shares? e.g. Last in First out? Can one use the Part Disposal rule A/(A+B)?

Can you please confirm the Higher Rate threshold for 2021/2022 ? I believe that this was initially £37,700, but later increased by Rishi Sunak to £50,270 in his Budget Statement speech as part of COVID support measures. Is this correct? And that it would stay at this level until April 2026.

I have some shares at a loss, an offshore reporting fund at a gain and an offshore non-reporting fund at a gain. Also some losses carried forward from previous years. Can I offset the losses in any order I like against the gains using first the losses in the year then those carried forward? Annual exempt amount at the end?

I would be grateful if you can clarify the tax treatment when an individual sells a mixed lot of an offshore investment fund including reporting and non-reporting units. Specifically the situation is the following: • On date 1 purchased some units of an offshore non-reporting fund at a price of 70 per unit • On date 2 purchased additional units of the same fund at a price of 80 per unit • On date 3 the fund converted from non-reporting to reporting. Unit price was at 75 • Units purchased on date 1 were standing at a gain, units purchased on date 2 were at a loss. No election was made on date 3 • Excess reportable income has been reported for all units since the fund converted to reporting • On date 4 all units are sold at a gain Can one split the units in the calculations and treat separately as a two different lots of non-reporting and reporting fund? Thanks

Thanks for your detailed reply. In the case that the foreign stock dividend is considered income, where is it reported? If it is reported in the Foreign Pages in which box? What is the applicable tax rate? Same as interest, same as foreign dividends, same as UK stock dividends or entirely different?

IFM13500 says that disposal of a non reporting fund generates an OIG calculated according to the rules in TCGA 1992. Can you please clarify if one can offset losses for the year, the capital gains annual exempt amount or losses carried forward in this calculation? I believe that the result goes in Box 41 of the Foreign Pages. Does one need to include the asset also in the Capital Gains pages?

There used to be a page CG58763 that explained how to do the computations, but it has disappeared now. Instead there is a link to https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg58750 "... A shareholder who takes such a stock dividend receives not only an income receipt but also a capital asset in the form of shares. It is necessary to establish the Capital Gains Tax base cost of the shares." The investor is receiving shares which are declared as income for the year, but they also add to his Capital. If the value is not subtracted when the shares are sold, they will be double taxed.

An individual changes status from UK resident non-domiciled to UK resident ordinarily resident. During the first period invested money abroad under the remittance basis. Once he is ordinarily resident he can no longer use the remittance basis. What rules or taxes apply if he brings money back to the UK now?

An individual is resident non-domiciled in the UK from 2000 to 2008. In year 2005 buys units of an offshore fund in a bank account in France. From 2009 to 2023 is resident ordinarily resident. In 2023 sells the investment at a gain. Is CGT calculated from 2005 to 2023 or from 2009 to 2023? No actual disposal was made in 2009.