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Tax on a withdrawing from a Fund of Funds?
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Posts: 27 Forumite
If the interest from a fund of funds is already being taxed, and you make a partial withdrawing, do you then need to pay income tax on the withdrawing?
Hope this makes sense.
Many Thanks.
Hope this makes sense.
Many Thanks.
0
Comments
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No. If you've nearly used up your Capital Gains Tax allowance you might need to pay some CGT on any gains you've made, but income tax will not be chargeable on a sale of units.If the interest from a fund of funds is already being taxed, and you make a partial withdrawing, do you then need to pay income tax on the withdrawing?
Hope this makes sense.
Many Thanks.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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