Offshore Non reporting Fund Income Gain

2nd opinion on date please

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My UK Resident and domiciled client redeemed his shares in a non reporting offshore fund, which generated an Income gain, and the only piece of information given to me as to the date is referred to as 'dealing date'. 

The proceeds were paid in 2 stages 

1st = to 97% was 9 days after the dealing date

2nd = 3% being an amount retained , 12 months folowing the dealing date

I believe that the whole sum is taxable according to the dealing date, or am I way out?

 

Many thanks

Replies (6)

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By richard thomas
25th Mar 2021 16:15

You are quite right: regs 18(1) and 33 of the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001) read with s 48 TCGA 1992. I know this because I wrote the Regulations.

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Replying to richard thomas:
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By richard thomas
25th Mar 2021 21:07

On further thought I don't think s 48 TCGA has anything to do with the matter. It doesn't affect the time of the disposal so has no effect in the OF regime.

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By Tax Dragon
26th Mar 2021 06:10

But (for clarity) you are not changing your answer other than to redact the reference to s48?

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Replying to Tax Dragon:
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By richard thomas
26th Mar 2021 06:29

Correct.

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By Tax Dragon
26th Mar 2021 08:16

Thank you.

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By cathyne
26th Mar 2021 12:03

Perfect

Thankyou

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