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Can you confirm that the investment income would be treated as and taxed as per income tax (say 40%) and not at the lower Capital Gains tax bands?
(for non-reportable funds)
Hi, there is a bit of conflicting advice on how 'non-reporting' mutual funds are taxed. I want to confirm my understanding:
'Non-reporting' mutual funds are treated differently from 'reporting' mutual funds. Disposal of 'non-reporting' mutual funds are treated as income (not capital gains) and taxed as income on disposal (and any dividends should be declared and taxed when distributed).
I this right?
I ask because with my UK mutual funds I have to report automatically reinvested money every year as income and only the capital gained is taxed under CGT on disposal. This would mean 'non-reporting' overseas funds are taxed at a higher rate and a greater proportion but only on disposal.
Hi, as per the CGT guidance, I am using the 'UK Property Disposal Service' to report the disposal of a UK property (to pay CGT within 60 days). It is for a non-resident retired overseas. Disposal was in 2022 and I have checked CGT liability via the non-resident CGT calculator.
Even though I have chosen non-resident and/or 2015 rebasing, the calculation given by the (online) UK Property Disposal Service seems to be as per a resident. While I thought non-residents only paid CGT for gains from 2015 onwards, the form calculates gains from the acquisition date (2000 onwards).
Is the online submission for CGT to the UK Property Disposal Service meant to automatically factor in the non-resident status in its calculation or should I make those calculations myself and upload my workings out in the 'upload supporting evidence' section?