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Where Taxpayers and Advisers Meet
Excess Reported Income
The so-called "Excess Reported Income" from a foreign reporting fund has to be declared on the UK-income tax return. Is this "Excess Reported Income" subject to income tax or to capital gains tax ?
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Ray Coman
- Posts:24
- Joined:Tue Oct 13, 2009 10:41 am
- Location:The Gallery, 14 Upland Road, London, SE22 9EE
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Re: Excess Reported Income
Fund distributions are usually treated as income much in the same way as a UK investment fund. Any profit on eventual disposal comes under the capital gains tax regime
Raphael Coman, ACCA, CTA
Tax Accountant
Tax Accountant
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DavidTreitel
- Posts:271
- Joined:Thu Aug 16, 2012 4:31 pm
Re: Excess Reported Income
The previous commentator might not be familiar with ERI. HMRC have - it is rumoured - been focusing on unreported ERI over the past couple of years. This is an example of a standard HMRC nudge letter regarding ERI: https://www.tax.org.uk/sites/default/files/Sample%20letter%20with%20factsheet%20Nov%202019.pdf.
Profits are only subject to CGT if the fund has reporting status. Non-reporting funds do not give rise to ERI.
Profits are only subject to CGT if the fund has reporting status. Non-reporting funds do not give rise to ERI.
