matcha

If not referring to the new FIG scheme, how about the current remittance basis? As remittance basis is elected, are both offshore reporting fund and offshore non-reporting fund which may include some portions of UK corporate shares and debentures considered as foreign income and gains to be taxed on remittance basis or any part of it considered as UK income and gains to be taxed on arising basis?

Hi, I'm currently a UK tax resident and claiming remittance basis. I have sold an offshore mutual fund of which the fund management is a US company and holds a global investment portfolio including UK companies' securities and bonds. In such case, does the gain from the sale of this mutual fund fall under foreign income and gains and will not be taxed until I make a remittance into the UK, or will any part of it be taxed right away as the portfolio consists of some UK companies' securities and bonds? Does it make a difference if it is a reporting fund or non-reporting fund? In a nutshell, which characteristics of the mutual fund should be looked at in making the differentiation if it falls under foreign income and gain to be taxed on remittance basis or UK income and gains that are taxed on arising basis? Country of incorporation of the mutual fund, portfolio mix of the mutual fund or what other characteristics?

Hi, thanks for the reply. I understand there are different tax treatments on the income/gains from reporting fund and non-reporting fund when they are taxable in the UK. However, in the new FIG regime, are both offshore reporting fund and offshore non-reporting fund which may include some portions of UK corporate shares and debentures, considered as FIG being exempt from the UK tax for the first 4 years when I become a UK tax resident from 2025/26 onwards?

How should I determine if a mutual fund is considered as an asset generating FIG or if the fund is a UK situs asset ? I have an investment of a mutual fund operated by a non-UK fund management company and the portfolio includes some UK corporate shares and debentures. Is this mutual fund in total considered as FIG or do I have to carve out the UK shares and bonds and only report the balance as FIG? If I have to carve them out, practically how am I able to do so as I'm only owning units in the mutual fund but not the individual shares and debentures.

If I come to live in the UK in Dec 2024 and will still be a non-UK tax resident in 2024/25 but will become a UK tax resident from 2025/26 onwards, am I eligible for the ISA allowance in 2024/25 ?