kevin mcbride

Thank you yes, I have read HS343 before. It does not mention the situation where there is an overall interest loss, rather it says "If the result is a loss, you should ‘subtract’ this amount from the total gross interest you enter in box 3. ", which suggests that it is expected that the accrued interest is always smaller than the received interest. I very much doubt that the legislation says that one has to pay tax on interest which has not been received! I think it is an oversight of the HMRC site programmers, and I think it should be looked at again

Hello. I am NOT talking about deeply discounted securities. I am referring to ordinary gilts - please can you answer my question above, namely, why is it not possible to offset losses on gilt interest incurred by accrued interest exceeding received interest for the year?

When entering the details of interest earned from gilts the online self assessment form will not accept a negative figure. This occurs when the year end occurs before any interest has been received, therefore subtracting the accrued interest from the 'received' figure should be a negative - but the form will not allow it!. Therefore it seems that one has to pay more tax than is due, simply because the form is incorrect! Surely the accrued interest excess under these circumstances should be allowable to set off against other income?

The official guidance is not very clear to non-accountants. Firstly it is not at all illegal to buy back shares, so long as you follow the b&b rules when declaring gains/losses. I believe the way to do this is to transpose the relevant costs, ie when you sell for the first time you assume that the shares were purchased at the NEW price rather than the acquisition price, and when you sell for a second time you assume that the shares were purchased at the ORIGINAL cost. (I do not pretend to be an expert, but have myself struggled with this issue and I am fairly certain that I have go it right now!)

I am interested to find out the tax treatment of income etf such as JPM GBP Ultra-Short Income UCITS ETF - GBP (acc). This is accumulating. Are the gains taxed as dividends, interest, or CG on disposal? (This etf is domiciled in Ireland, I don't know if this makes any difference. It is reporting). And does it make any difference if the etf is distribution?