Taxes in Dividend and Interest rates, Unit Trusts

fcmisc · 24 August 2016 at 6:41AM

I am calculating the capital gains on some accumulation unit trusts.

From what I know I can deduct the dividend and interest income from the profit of unit trust sales, when calculating my capital gains.

My tax statement shows different columns for income...

Gross, Tax Credit, Income Tax, Equalisation, Net Dividemd/Interest.

Which columns do I use to deduct from my capital gains calculations?

masonic · 24 August 2016 at 8:10AM

You should deduct equalisation as this is a return of capital and doesn't represent a capital gain or income.

The net dividend/interest is what has actually been reinvested and that is the correct income figure to deduct.

fcmisc · 25 August 2016 at 6:57AM

Thanks for replying, but I'm not sure I fully understand. Do I deduct the equalisation, net dividend/interest, or both?

masonic · 25 August 2016 at 7:07AM

fcmisc wrote: »

Thanks for replying, but I'm not sure I fully understand. Do I deduct the equalisation, net dividend/interest, or both?

Both .

fcmisc · 25 August 2016 at 9:24PM

Found this that talks about it too.

https://www.oldmutualwealth.co.uk/globalassets/documents/literature-library/platform/collective-retirement-account/omw_pdf6600_a_guide_to_your_tax_voucher.pdf

Taxes in Dividend and Interest rates, Unit Trusts

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free