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Where Taxpayers and Advisers Meet

Income Tax on Funds

Posts: 3
Joined: Tue Apr 08, 2014 12:48 pm

Income Tax on Funds

Postby Fitzrooy » Fri Jan 12, 2018 5:15 pm

Hello all,

From 2004-2007 I was an expat. During this time i signed up to an investment 'vehicle' through Scandia, now Old Mutual. I invested £1000 per month whilst I was an expat then on returning to the UK i have been investing £300 per month since. The 'vehicle'/policy has now come to the end of it's investment period and I'd like to cash it in, doubt that's the correct terminology. Having invested £57000 over the period 2004-2018 the current valuation is c. £80,000.

I have to hold up my hands to not being very financially savvy, likely obvious from the pretty poor increase in value over such a long period. I think I understand that if I cash this in I will be liable to the capital gain on the increase in value, less the capital gains allowance. However is there some income liability that I've failed to report over the last 11 years since returning to the UK?

I understand on my regular share investments i am paid dividends, i report these in my tax return and pay income on them, independent of if I take them as cash or reinvest them. Should i have been doing something similar for these funds?



for info the funds i'm invested in are the one below and two other similar ... encyId=GBP

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