cgt on offshore assets

Aidanmc

I need to complete a worldwide disclosure for hmrc.

In 2017 i had an investment bond matured from an investment in Ireland which realised a gains of approx 6k euro.

If this was the only capital gains received in that tax year would there be tax payable?

Malthusian

If this was an offshore insurance bond it's taxable as income, not CGT.

Aidanmc

Malthusian wrote: »

If this was an offshore insurance bond it's taxable as income, not CGT.

It was actually a guaranteed tracker bond which returned percentage based on index performance.

bostonerimus

Aidanmc wrote: »

It was actually a guaranteed tracker bond which returned percentage based on index performance.

You'll need to understand the status of the "bond" under HMRC reporting rules.

Malthusian

Aidanmc wrote: »

It was actually a guaranteed tracker bond which returned percentage based on index performance.

If it was a structured loan note then it would be subject to CGT but as bostonerimus says, you should check. As you are finding out the word "bond" is worse than meaningless.

Aidanmc

Malthusian wrote: »

If it was a structured loan note then it would be subject to CGT but as bostonerimus says, you should check. As you are finding out the word "bond" is worse than meaningless.

What exactly would i need to ask the investment company then to find this out for sure? It was AIB/Ark Life investment. I dont have any documents regarding the old investment.

Cook_County

Was it a reporting fund? If so, was there any undeclared ERI? HMRCs WDF is non-statutory. It would be prudent to take professional advice. Where did the offshore money come from?

Aidanmc

Cook_County wrote: »

Was it a reporting fund? If so, was there any undeclared ERI? HMRCs WDF is non-statutory. It would be prudent to take professional advice. Where did the offshore money come from?

It probably would have been a reporting fund/investment product. It matured in 2017 and would have been initially taken out in 2011. The gain from the investment hasn't been declared and now invested in another offshore investment fund.
Previous to all this it was invested in a Property tracker fund/bond in Ireland between 2006 and 2011 approx and when matured returned zero largely because of the property crash during those years. I did receive my initial investment amount back.
The cash initially was earned by myself working in Ireland republic and tax paid on this in UK.
I don't know what to do with this "certificate of tax position" form which was sent. I don't have any records of these investments before 2017.

Aidanmc

I contacted the investment company Ark Life regarding the matured investment and to be honest i'm not much wiser from the call. But the agent did clarify it wasn't insurance and just an investment policy. When i asked about reporting status of the investment the person wasn't able to give any detail, but their encashments dept is going to send something in the post.
Is the only way to report this to hmrc via the WDF or is there another option?