Income Tax on Capital Gains

[helg58]

own some shares in investment funds that are not recognised as such by IR (no distributor status), also have cap gains beyond annual exemption, understand these are taxed as income. Does the exemption on income below a certain level apply to these gains? And can I carry back losses (in the unfortumate sit there would be a net loss in a year?)

[section 44]

own some shares in investment funds

Presumably offshore funds

understand these are taxed as inco

Presumably it is not a transparent offshore fund. Yes the profit is subject to income tax, yes personal allowances applies and no you can't carryback losses.