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Where Taxpayers and Advisers Meet

offshore interests / dividents income tax

lakturk
Posts: 1
Joined: Mon Sep 02, 2019 5:38 pm

offshore interests / dividents income tax

Postby lakturk » Mon Sep 02, 2019 5:40 pm

Hi, I had some offshore interest and dividend gains in past 4 years. Now I am going to declare those incomes to HMRC to pay their tax. They were from managed funds (managed by a foreign bank in Germany). Can I deduct management cost for the managed funds or should I declare pure gains excluding managed fund costs? It is from Oct 2015 to today, namely 4 complete tax years plus 2019 which is not complete yet.

AGoodman
Posts: 857
Joined: Fri May 16, 2014 3:47 pm

Re: offshore interests / dividents income tax

Postby AGoodman » Tue Sep 03, 2019 3:28 pm

No, management costs of a discretionary fund portfolio aren't deductible.

If this is a substantial sum then getting an adviser on board would be sensible. Penalties for failure to declare foreign income/gains now start at 100%.


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