diwtad

Thanks for the reply. I pay capital gain tax for the gains in India. Can I re-claim that while completing self assessment in UK ? If yes, where can I enter as I don't see an option in self assessment. Thanks in advance.

Thanks for the reply. But the link provided by you says 'Find out about paying tax on the remittance basis if you're a UK resident who has foreign income and gains but do not live in the UK'. In my case I am UK resident but invested in India. I got some gains in Mutual funds which I am going to revest without moving those gains into UK bank account. Please advise how I should report this income as per the details given in my previous post?

Thanks for the response. Looking at your reply, it seems these are non reporting funds. While completing 'Foreign income' section under 'Foreign income details (Page 1 of 2)', there is a question as below. I have two questions. 1) For example if we decide to re-invest all the gains from mutual funds within India without remittance into UK bank account. In that scenario, do we need to still chose option 'NO' in the below question and report the gains even though they were not moved into UK ? To test, I tried the option 'Yes - all' in which case it says that there is no need to report that income. Please advise how we should proceed? Were you unable to transfer some or all of your overseas income to the UK? - No - Yes - some - Yes - all 2) In India tax is deducted at source for all the gains on mutual funds (there it is treated as long term gains), Is it possible to claim the tax relief for this? If yes, where should I enter these details as I couldn't figure it out ?

I have taken an insurance policy in India around 18 year back before I became a UK citizen. That insurance policy is now going to matured. If there is any gain, how I should report that in in my UK self assessment tax return (i.e. Capital gain or income) ? Please note that I am not planning to move that money into UK as yet. Do I still need to report ? While calculating the gain, how to calculate the policy purchase cost? i.e. which NAV I should use, is it the NAV on the day when the policy was purchased or on the day when I became UK citizen ?

I am a UK citizen and I also have Overseas Citizen of India (OCI) card. I hold Non resident savings Bank account in Indian Bank. I have invested in Indian Mutual Funds (each mutual fund contains portfolio of multiple equity shares) through this account. These Mutual Funds are meant for Indian nationals and/or non resident Indians only. To clarify, I won't be getting any income or dividend in between. Only gain I get is if there is an increase in NAV value between buy and sell. My query is if I receive any profit (gain) by selling these Mutual Funds, do I need to treat it as capital gains or as income in my UK self assessment tax return? Please note that I am not looking to move these gains into UK as yet. Do I still need to report it? Based on some of the previous queries in the forum, looks like Indian mutual funds are treated as offshore non-reporting funds. But I see there were conflicting answers from HMRC in the forum on how to report these gains (i.e. some answered as capital gains whereas some suggested to report as income). What should be the right course of action? Appreciate your clarification. Thanks and regards