I would like some advice on how to deal with "Excess Reportable Income" - ERI
1) I gather that this has to be declared, but am not sure how to declare it. Where on a UK tax return is this declared is it considered income or dividends.
2) If I declare this ERI each year for a particular fund, and then I sell my shares, do I deduct the amounts that I have declared from the capital gains? (i.e. do I have to keep track of the cumulative amount of ERI over the years for a fund, so that I can deduct it from my gains?)
Thanks for any advice.
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