Description |
Enter the description of the source of income. |
Amount |
Enter the taxable amount. |
Date |
May be left blank. If entered, the date must fall within the tax year. |
Enter the total amount of income received from the following sources:
An offshore fund is:
A non-resident company or
A foreign unit trust or
Any other arrangement which takes effect under the law of a foreign country and creates rights in the nature of co-ownership
in which the Trust or Estate holds a 'material interest'. Interest in an offshore fund is 'material' if, at the time the Trust or Estate acquired it, it might reasonably expect to be able to realise the interest, usually by redemption, within the following seven years at about the market value of the fund's assets which the interest represents at that time.
There are special rules for the taxation of gains arising in offshore funds.
Only Trustees should enter this income in box 9.38 of the Tax Return. Personal representatives should enter this information at box 9.14.
Trustees of an Unauthorised Unit Trust who treat the income as income in the accounts of the Unit Trust scheme should include the income is box 9.34. Where such income is not shown as income in the accounts of the Unit Trust scheme, the amounts should be included in box 9.38.
If accrued income relief exceeds charges, then the relief should be set against income in box 9.14.
Click here for more information on Accrued Income
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