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  • RE: Self Assessment on foreign Offshore non- reporting funds

    just to be clear - I need to put in one of the options and not the both right ? if not claiming foreign tax credit then only - SA100 page TR3 boxes 17 to 21. if claiming foreign tax credit then on foreign pages To claim any foreign tax credit relief you need to complete the online equivalent of the SA106 page F1 box 2. On the SA106 for 2021-22 it is box 41 - Gains on disposals of holdings in offshore funds. also Trading and Miscellaneous Income Allowance (TMIA) of £1,000 allowed in both cases? if capital gain is less than £1000 then do not need to report ? Cheers, Jit
  • Self Assessment on foreign Offshore non- reporting funds

    Hi, I am trying to understand the taxation of foreign Offshore non- reporting funds, I assume most of the Indian mutual funds are considered non-reporting to HMRC so gain will be reported as other overseas income and gain on self assessment on foreign pages rather than foreign capital gains. However these are standard funds as per indian Govermement and 20% tax will be paid As capital gain on sell, where do I claim foreign tax credit in self assessment ? Other overseas income and gains (box 42) don't have for the option to add foreign tax credit? or should I put the net amount after deducting 20% foreign tax credit? Please advice
  • RE: Self Assessment on foreign bank account interest

    So does that mean I need to register and report but no tax to pay - or can I phone up HMRC and update them about saving interest less than 1000£?
  • Self Assessment on foreign bank account interest

    Hi, I am a basic rate tax-payer - I have foreign saving interest worth 800£ which is less than the £1000 limit, I am not registered for self-assessment. There is no other income apart from foreign savings interest, Do I need to Register for self-assessment and report this income under the foreign page and pay 0 tax ? or I do not need to do anything? Checked the guidance on tax on foreign income - doesn't make it clear what to do in case 0£ tax is due because of allowances. Please advice.
  • Personal tax allowance on foreign bank account interest

    Hi, can you please confirm, we can deduct personal interest tax allowance of 1000£ or 500£ in case of 40% tax payer, on foreign nre bank account interest income from india?