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  • RE: FOREIGN INCOME

    Dear HRMC Admin Could you please help on following queries? 1. Does life insurance policy, purchased in home country India before becoming a UK citizen, need reporting for UK tax purposes? Policy situation: No more premium is being paid, it has not been surrendered yet, policy is still active, and it will itself complete its full term in 2045, and then it will be paid back whatever its value is in 2045. 2. Does investment in share market, done in home country India before becoming a UK citizen, need reporting for UK tax purposes? Investment in Share market situation: No more investment is being done in India share market, but the already purchased shared are just sitting there in the account, the overall investment is showing complete loss for quite several years in a row. Waiting for overall share values to come near the purchase price or bit of a profit, then sell and close the share account. 3. Does interest from fixed deposit done in home country India before becoming a UK citizen, need reporting for UK tax purposes? FD situation is, money remain invested in India and not been bring to UK, with the current intention of going back to India in later age times. 4. Does interest from fixed deposit done in home country India after becoming a UK citizen, need reporting for UK tax purposes? FD situation is, money remain invested and not been bring back to UK, with the current intention of going back to India in later age times. Currently I am UK citizen and UK taxpayer, salary only my source of income in UK. Please help.
  • RE: Foreign Capital Loss

    Dear HRMC Admin Could you please help on following queries? 1. Does life insurance policy, purchased in home country India before becoming a UK citizen, need reporting for UK tax purposes? Policy situation: No more premium is being paid, it has not been surrendered yet, policy is still active, and it will itself complete its full term in 2045, and then it will be paid back whatever its value is in 2045. 2. Does investment in share market, done in home country India before becoming a UK citizen, need reporting for UK tax purposes? Investment in Share market situation: No more investment is being done in India share market, but the already purchased shared are just sitting there in the account, the overall investment is showing complete loss for quite several years in a row. Waiting for overall share values to come near the purchase price or bit of a profit, then sell and close the share account. 3. Does interest from fixed deposit done in home country India before becoming a UK citizen, need reporting for UK tax purposes? FD situation is, money remain invested in India and not been bring to UK, with the current intention of going back to India in later age times. 4. Does interest from fixed deposit done in home country India after becoming a UK citizen, need reporting for UK tax purposes? FD situation is, money remain invested and not been bring back to UK, with the current intention of going back to India in later age times. Currently I am UK citizen and UK taxpayer, salary only my source of income in UK. Please help.