Offshore Funds

[beljames]

Hi

I recently returned to the UK after 2 years abroad. My original intention was to stay offshore for 10-15 years and I took out a number of offshore funds (one with profit, one self-select unit trust). There is a high likelihood that I will become non-resident again at some point in the future. Contributions to the funds were made monthly, all of them whilst I was non-resident.


I have been told that if I cashed in the funds, I would be liable for income tax in the UK on any gain (not a great problem at the moment - they have made very little). I just have a few questions:

1) Presumably I have no tax liability on the original amounts invested if I cash them in.

2) Can I transfer the funds to my wife who is a non-tax payer and use up her income tax allowance?

3) If I hold onto the funds, can I 're-activate' them once I become non-resident again, and cash them in tax free at that point?

Many thanks

J