zorba 74

From previous discussions here , I understand that: 1. As a UK resident for tax purposes and UK domiciled I pay tax on my global income 2. I have some investments in mutual funds in India- I understand that if they are " non-reportable" funds, and hence any income arising from selling them would be then will be classed as general income and not capital gains However I had a few more follow up questions: 1. In India there are some other investment options called " Unit Linked Investment Plans" or ULIPS - (A ULIP is an insurance plan that offers the dual benefit of investment to fulfil long-term goals, and a life cover . The premium paid towards a ULIP is divided into two parts. A part of it is contributed to the life cover, and the remaining is invested in the fund of your choice). On surrender or maturity of such a policy some profit might arise due to growth of the money in the funds invested. This is classified as " capital gains " in india. What are they considered in UK ? Are they considered as capital gains in UK ? If so assuming they remain under the annual capital gains allowance ( currently 3000) do they have to be declared or taxed in UK? 2. Separately- long term capital gains might well be taxed already in India , ( 10% currently). If this is considered as general income in UK and not capital gains, do I then pay the difference between the tax already paid ( 10%) and my marginal tax rate in UK( eg : 40%) as per Double Taxation Avoidance Agreement rather than being again taxed in full in UK ? How do I show this in my tax return? Many thanks

I am a UK citizen and domiciled in UK for tax purposes, and hence expect to pay tax in UK on my global income. I might have some overseas income from savings interest+ capital gains, but total will be less than GBP 2000 1. I have a personal savings allowance of GBP 500, If total interest earned (on savings accounts held abroad+ savings account in UK ) is less than the " personal savings allowance" I assume there is no tax to pay on interest. eg if overseas interest is 400, and UK interest is 50= Total 450 GBP. Is this correct? 2. In the above case, where do I input the overseas interest earned ? In the " foreign income section" or along with separate section for " UK bank interest"? 3. Separately I understand that income arising from redemption of overseas " non-reporting" mutual funds should be classified as general income rather than capital gains and will be taxed as such. Where should this be reported / which section? And do I tick " yes" or " no" to the question in Section 1- " If you disposed of any chargeable assets, or had any chargeable gains, or you wish to claim an allowable loss, or make any other claim or election, do I need to complete the Capital Gains section?" - if all these gains were abroad, and not in UK? Many thanks

I am a UK resident and domiciled in UK for tax purposes. I understand that I will pay tax in UK on my global income. I am aware that for capital gains there is an " annual exempt amount " below which no tax is payable on my capital gains, I have some historical shares and funds in another country which I bought when I was living there many years ago. If i sell them and make a profit( capital gain)- if such gains are still within the " annual exempt amount " for UK capital gains tax ( gbp 12300 for 2022-2023 and gbp 6000 for 2023-2024) then I understand that no tax is payable. ( I have no other capital gains income in uk ) Is this correct? Even if no tax is payable, do I still need to declare this in self assessment - if so do I declare it under the " overseas income" section or the " capital gains" section? Many thanks