can anyway tell me what tax would have to be paid when encashing hedge funds off shore and bringing the money back on shore. It is for my Mom who is aged 70 and I have asked IFA's and the life company involved but no one can give me a straight answer. Will her age allowance be effected - she has gross income of £15k
2007-02-05 22:46:57 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
I assume the problem is that no-one wants to decide if the specific Hedge Fund is classed as a type of Investment (in which case the interest / profit earned, after allowances, may be Taxable) or if it is Gambling (like Spread Betting) - in which case, win or loose, it's not Taxable.
Even if it's Taxable, there will be some complex calculations made to decide how much .. I suggest you start by finding out what the Hedge Fund administrators believe to be the UK Tax situation .. and then contact your local tax office.
2007-02-06 10:22:17 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Depends how the hedge fund is set up. To much detail to type but this will help you. Also, ask the adviser who set the fund up in the first place.
www.aima.org/uploads/2003%5CApril%5Cdeloitte&touche.pdf
2007-02-07 22:16:21 · answer #2 · answered by Allroundicon 2 · 0⤊ 0⤋
hedge fund managers get to be taxed at the capital gaines rate,which is less then the rate of a fireman making $80,000/year.
2016-03-15 07:41:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋