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Where Taxpayers and Advisers Meet

cap gains on switch from accum to income class unit trusts

uncle john
Posts:20
Joined:Mon Nov 21, 2016 12:15 pm
cap gains on switch from accum to income class unit trusts

Postby uncle john » Tue Oct 12, 2021 10:45 am

Good morning

We've sold some units in the accum version of a unit trust, and bought back the income version of the same unit trust, in the same class, the same day.
We did this just because we needed the income. My understanding was that this wouldn't give rise to a capital gain because of the 30 day rule.

I've since seem some conflicting opinion on whether a gain might in fact have been crystallized.
I'd have thought that this would be a fairly common query, but can't find anything helpful in the HMRC manual, and the only mention I can find of the question on this website dates back to 2013.

Can anybody give me a definite answer?

Many thanks for any help.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: cap gains on switch from accum to income class unit trusts

Postby pawncob » Tue Oct 12, 2021 11:38 am

https://forums.moneysavingexpert.com/discussion/5860818/accumulation-and-income-funds-cgt
With a pinch of salt take what I say, but don't exceed your RDA

uncle john
Posts:20
Joined:Mon Nov 21, 2016 12:15 pm

Re: cap gains on switch from accum to income class unit trusts

Postby uncle john » Tue Oct 12, 2021 1:34 pm

Thank you for the fast response. A very useful link - perfectly clear, even if it's not the answer I'd have preferred!


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