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Hi.Assuming you are a UK national and UK tax resident, then you are taxable on your worldwide income and gains, regardless of whether you bring any foreign source income or gains into the UK or not. Given that you have taken nothing out and the value of the investment is less than what you put in, there are probably no immediate tax concerns. Obviously, I have no information on the type of investment you are referring to so I cannot go into specifics about what type of tax, income tax or capital gains tax, you would pay on any income or gains that may arise. The investment manager should be able to advise you on that.If the investment is linked to an onshore or offshore life policy, then any withdrawals in excess of 5% of the original investment in a policy year (you can use unused 5% allowances from earlier years) would give rise to a "chargeable event gain". This would be liable to tax at 20% or 40% or 45% depending on the level of your income and you may also be entitled to top-slicing relief and a discount for the period you were not UK tax resident. You can read about chargeable event gains here and here.I hope this helps but let me know if you have any further questions.
I am a UK national and UK tax resident. It is a Generali managed "Vision" fund. It is not linked to any life policy.
Am I right in thinking that I can let the value of the fund increase (assuming it does) back up to the value that I put in and at that point bring it back to the UK and not be liable for capital gains? Or is the capital gain worked out each year?
I hope the extra info I have provided allows you to give me a bit more detail.