Excess Reportable Income (ERI)

Aidanmc

Is anyone familiar with ERI and declaring to hmrc?


I have offshore fund investment, accumulation fund, but there is ERI i have learned!
The ERI value per unit in respect of reporting period is 0.2184
Number of shares is 1392.24
Reporting period states 31/12/2018....
Distribution date 30/06/2019
Currency euro
I have been invested in this particular fund from 11/4/2019



How, where do i file this in tax return?

dales1

There is a good article on Monevator which explains the topic well.
Google and you'll find it.

Aidanmc

dales1 wrote: »

There is a good article on Monevator which explains the topic well.
Google and you'll find it.

Yeah, i did read that. States that
"Basic rate taxpayers will owe 20% tax on excess reportable income from bond funds. However, they won’t have anything to pay on equity funds because the effective basic rate tax on dividends is 0%, once the tax credit is taken into account".
I'm invested in 100% equity fund. But do i still need to file it on tax return? Foreign dividends section?

dales1

See para 4.5 here
https://www.kpmgreportingfunds.co.uk/guidance
ie just add it to your dividends (or interest, if applicable).



NB the tax credit system you refer to, was abolished in 2016.