Suggestions on managing tax for elderly mother?

lr1277

waveyjane said:

Just a footnote on this in case anyone's reading:

https://techzone.abrdn.com/public/investment/Guide-Taxation-of-Collectives

"There is no adjustment for ‘equalisation payments’ on the notional distributions from accumulation shares. That’s because the capital has not been returned to the investor and therefore does not alter the acquisition cost."

So this means I can ignore her Vanguard Lifestrategy accumulation fund (in a non-sheltered account) for tax returns, unless of course she sells any.

Sorry didn't read your link nor understand some of your comments.

Wanted to say my parents' broker produced a sheet I use which lists all taxable income.

It lists an income for an accumulation fund they held. I submitted this figure to the accountant to use as part of the self assessment tax return.

This income is listed despite not being on the cash transaction statement which lists all cash dividends received.

Edited to remove copy of the quoted text

2nd edit: change all dividends to all cash dividends

badmemory

Is the dividend allowance going to go down to £1000?

Keep_pedalling

badmemory said:

Is the dividend allowance going to go down to £1000?

Yes on the 6th April, and down to £500 the following April, so the OP would be wise to bed and ISA as as much of this general investment account as possible. 

Malthusian

Keep_pedalling said:

Yes on the 6th April, and down to £500 the following April, so the OP would be wise to bed and ISA as as much of this general investment account as possible. 

Just avoid confusion: the dividend allowance has already gone down to £1,000 on 6/4/23, but the OP is filling out a tax return for the previous tax year when it was £2,000. On 6/4/24 it will go down to £500.