COMPLETING YOUR TAX RETURN.  WHAT YOU NEED TO TELL THE TAXMAN 2007 - 2008

Distribution vouchers from offshore funds will vary depending on the domicile of the fund.

The tax credit also varies (unlike a UK distribution) and will depend upon whether any tax has been deducted from your distribution before you receive it.  You will receive credit for any amount of tax already deducted, and the amount of further tax you will then have to pay, depends upon whether you are a basic or higher rate taxpayer. You will have to tick "Yes" to Question 5 on your tax return if you have dividends from offshore funds of more than £300.

You will then have to fill out the table with details of any dividends you have received.

If you have dividends from offshore funds of more than £300 then you will need to provide further information about the distributions on the 'Foreign Supplementary Pages', which can be found on the HMRC website.

* Extracts from the 2007/2008 Tax Return reproduced by the kind permission of HM Revenue and Customs.

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