I have investments in Canada in the form of ETFs and stocks -- typical positions to have, and nothing fancy or complex. They don't generate the kind of income (dividend, distribution, or capital gain) that puts me above any of the UK personal allowances.
Discussing how to assess these with TaxAid, it was suggested that I refer to the double-taxation agreement with Canada and the UK, which makes a lot of sense. Then I would look at these incomes as they are -- dividends, fund distributions, and capital gains/losses; and since the incomes are smaller than the personal allowances, my life is easy and no further tax to pay. TaxAid suggested the Offshore tax manual was not applicable to my individual case, and it was targetted at much larger fund managers and people with millions in complex fund schemes.
However, the HMRC won't give me a straight answer if this is the correct interpretation. Some of their agents have pointed me to the Offshore Tax manual, which complicates the reporting of capital gains -- mainly, the gains will count as annual income and taxed at my tax band (basic rate).
I can't get the HMRC to help me on this. Their line keeps failing, and when I ask to escalate to a technical person who can answer more complex foreign tax questions, they don't ever call back. Sometimes they say they'll send me the right reference documents, and end up sending me a copy of the Offshore manual and the standard documents for how to report your capital gains...
Can anyone clarify the conflicting points of view here?
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