GENERAL
Your *units* may either be '*income units*' or '*accumulation units*'. If they are income units you will have received *income* from the distribution. If they are accumulation units the income is retained in the fund and is not paid out, but you should still receive a tax voucher and should declare the income on your tax return as explained.
The date shown in the date payable box is the important date. If the date is on or before 5 April 2008 it will need to be included on your 2007 - 2008 tax return. If it is after this date but on or before 5 April 2009, it should be included on your 2008 - 2009 tax return and so on.
The figure shown in the equalisation box does not need to be included on your tax return. This is only of concern when you sell your units, in which case it should be deducted from the cost of your units to calculate any profit or loss you make for *capital gains tax* purposes. WHEN DOES THE TAX RETURN HAVE TO BE SUBMITTED?
The deadline for submitting your 2007 - 2008 tax return is 31 October 2008 if you want to submit a paper return or 31 January 2009 if you file your tax return online. To submit your tax return online you will first need to register online for a username and password at www.hmrc.gov.uk and under 'Do it online' click on 'Self assessment'.
HMRC will calculate your tax liability for you whether you file a paper return or file a return online, but if you wish you can calculate the liability yourself by requesting the 'Tax calculation summary' page of the tax return from HMRC.
You should keep all documents relating to your investments as they may be needed for capital gains tax calculations when you sell your units or shares. Moreover, under self assessment it is important that you keep detailed records.
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