offshore gilt fund - how do i bring it onshore

winalot

hi have just come into an offshore usd class gilt fund (lloyds) . i don't really think i need it offshore and am thinking of paying off mortgage with it - but can't really see any clear idea of how to go about this and pitfalls of bringing it onshore . Are there things i need to be aware of ie tax / exchange rates - ? would it be best to speak to an accountant or IFA about it , and what sort of tax would it be ? all i've ever paid before is income tax - would it be as much?
Much appreciate any advice.

dunstonh

hi have just come into an offshore usd class gilt fund (lloyds)

My goodness, I havent seen one of those in over 10 years. Lloyds stopped selling them back in the 90s.

From memory it wasnt in any wrapper. So tax was paid each year. The income was paid gross, you declared it on your tax return and paid tax via your tax code. I doubt the current Lloyds staff would remember the product but you may get the odd old school tied agent in there that does. They ought to to be able to verify it though seeing as its an ex product of theirs. An IFA would have no problems telling you what to do but that would likely involve a small fee (although if you have a family IFA then probably wont cost you).