Investment platform consolidated tax certificate

[Paul Harris]

Hello
Could somebody help me with a question about consolidated tax certificates?
I have a significant amount held on an established UK investment platform invested about 60% in various OEIC index-tracker equity funds and 40% in various OEIC bond funds. The funds are not held in ISAs or a SIPP and are therefore exposed to tax. All the funds are accumulation funds.
I have just received the 2014-15 consolidated tax certificate for my account from the investment platform but it seems to understate dividends and interest significantly…
Could you confirm:
If a fund declares a dividend then (presumably) I should be taxed on the number of units I held at that time x the dividend per unit and this amount should be shown on the consolidated tax certificate (subject to any equalisation). Because I hold accumulation units the dividend is not actually paid to me but is instead immediately reinvested in more units in the fund – but I should still be taxed on the whole notional dividend.
Do I have that right?
Many thanks!

[LozaACCS]

I believe you do have it right and understand the issues more than the fund managers do, I experience this on a regular basis, finding that the cost of an investment has for no apparent reason increased whilst no corresponding dividend is shown.
If a dividend is accumulated then in my opinion it is (or should be ) taxed under the rules of ITTOIA 2005 (S409), the taxable amount is the dividend foregone, and is then grossed up as usual (for as long as the imputation system survives), if the difference between the cash dividend and the stock alternative exceeds 15% of the stock alternative then the net dividend is taken as the stock alternative.

[Paul Harris]

Many thanks for your comment, Loza - very much appreciated and helps me towards gaining a full understanding...