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)
Please login or register to join the discussion.
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.
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.
But (for clarity) you are not changing your answer other than to redact the reference to s48?