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30 October 2000
Our client, a United Kingdom resident, holds an investment in a United States mutual fund which is represented in the form of shares. The investment is Gabelli Global Growth Fund.
The annual statement for 1999 shows that additional shares have been purchased through the full reinvestment of distributions arising in the year. The distributions comprise dividends, short term gains (both with tax deducted at approximately 17.8 per cent) and long term gains (no tax deducted).
Can readers please help with the following:
The annual statement for 1999 shows that additional shares have been purchased through the full reinvestment of distributions arising in the year. The distributions comprise dividends, short term gains (both with tax deducted at approximately 17.8 per cent) and long term gains (no tax deducted).
Can readers please help with the following:
Our client, a United Kingdom resident, holds an investment in a United States mutual fund which is represented in the form of shares. The investment is Gabelli Global Growth Fund.
The annual statement for 1999 shows that additional shares have been purchased through the full reinvestment of distributions arising in the year. The distributions comprise dividends, short term gains (both with tax deducted at approximately 17.8 per cent) and long term gains (no tax deducted).
Can readers please help with the following:
(1) How should the gains and income be taxed in the United Kingdom?
(2) How should the base cost be calculated for the shares?
(3) What, if any, formalities are required for United States tax purposes?
(Query T15,713) Couch Potato
The annual statement for 1999 shows that additional shares have been purchased through the full reinvestment of distributions arising in the year. The distributions comprise dividends, short term gains (both with tax deducted at approximately 17.8 per cent) and long term gains (no tax deducted).
Can readers please help with the following:
(1) How should the gains and income be taxed in the United Kingdom?
(2) How should the base cost be calculated for the shares?
(3) What, if any, formalities are required for United States tax purposes?
(Query T15,713) Couch Potato
