I'm new to investing and have some funds in taxable accounts. Trying to work out my tax situation for the 2016-17 tax year. I'm almost sure I owe no tax, and I don't otherwise usually send a tax return. I'd rather not have to pay an accountant just to confirm the point.
It's not very clear to me how to interpret the broker tax voucher, and I have a few questions:
- Does an Irish-domiciled OEIC with UK reporting status count as an "offsure fund"? If so, if there were tax to be paid on it, would it go on the foreign pages of the tax return?
- I think for 2016-17, bond funds subject to basic rate tax deducted at source. But would this apply to an Irish domiciled bond fund with UK reporting status? My tax voucher contains no information on this, and I wouldn't be sure where to look for it. Perhaps there was simply no distribution, as I only held the fund a short time. Or perhaps they just omit all bond funds because they are all taxed at source, including those with Irish domicile.
- Would dividends from an Irish domiciled/UK reporting status fund be covered by the same £5000 allowance as dividends generally? And bonds by the £1000 savings /investment interest allowance?
- Excess reportable income. Does any broker include this information on their tax vouchers, or is it simply up to us to check for it? If there is some, presumably it also goes on the foreign pages?
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