Robin

I do not have any income liable to tax. However, I do have capital gains of £10,000 from selling shares in a non-reporting offshore investment fund. How much tax will I need to pay on that? As far as I understand, since the fund is non-reporting, any capital gains from it are taxed as income. However, since my total income would then still be below the personal allowance of £12,570, the tax rate is 0%. Is this understanding correct?

I am confused: almost every question in this forum is about a real or hypothetical scenario related to tax, and they do generally receive answers. In which way does my question differ from those?

Consider the following (hypothetical) scenario: In a given fiscal year, I do not have any income liable to tax. However, I do have capital gains of £10,000 from selling shares in a non-reporting offshore investment fund. How much tax would I need to pay on that? As far as I understand, since the fund is non-reporting, any capital gains from it are taxed as income. However, since my total income would then still be below the personal allowance of £12,570, the tax rate would be 0%. Is this understanding correct? Follow up question: How would this change if the fund were reporting? Is it correct that I would then need to pay 10% tax on the £7,000 above the capital gains allowance of £3,000?