Mala Neelesh
Joined: 10/20/2024
-
RE: How to report Indian Mutual Fund gains in UK Self Assessment Tax return
I have investments in non-reporting Indian Mutual Funds. Upon redemption, the Indian Govt would deduct taxes at 12.5%. I understand that this would be "Offshore Income & Gains" and I would have to report them in box 41 of SA106. I would also have to pay tax to HMRC at 20% which is my tax rate. Would I be able to claim Foreign Tax Credit Relief for the tax deducted in India? In which box/page of SA106 would I have to claim this? Would I have to fill details of this redemption in the SA100/SA106 as capital gains, besides filling box 41 to claim FTCR?