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Little-known problem
Key points
- The mutual fund industry in India is sizeable.
- This has resulted in exponential interest from investors around the world and thus the booming funds industry in India as well as internationally.
- The ‘offshore funds tax regime’ applies to Indian mutual funds.
- HMRC’s offshore reporting funds list does not feature any single Indian fund so advisers may struggle to identify the type of offshore financial product their clients have for tax purposes.
- Approved ‘reporting’ offshore funds are taxed differently to unapproved ‘non-reporting’ offshore funds.
Our widespread network of bookkeepers accountants and wealth managers consistently flag this common question: how are clients’ mutual fund investments taxed in the UK? While this article will focus on investments made into Indian mutual funds the principles apply to other mutual funds and non-UK/offshore funds more generally too.
Background
In an attempt to put the size of the...
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