Clive Smaldon

Not HMRC....n.b. the amount in your code is not the tax relief you claim. That is an estimate HMRC have given based on previous information. IF you are entitled to claim tax releif on pension contirbution you would enter the amount of the contribution in the tax year (which is often different than the coded figure) in whichever section is relevant by reference as to whether your pension contributions are within a company scheme (and whether before or after tax) and/or whether external to the company and SIPP etc.

Paul...it is not taxable income for an individual...it never has been, see point 7 of the statement of practice.

Not HMRC...the problem with all of the replies from HMRC re not needing to send SA returns in these circumstances on this and other threads is, if you dont, you cant then pay voluntarily class 2 ni (as it goes on the SA record to collect via HMRC in the first instance), which means you wont get a credit for that year against NI record for future complete years for state pension/other benefits etc. HMRC should make this clearer, if people stop sending in SA just because they are under the threshold, and dont opt for voluntary class 2 on the return their NI record will be affected in the future!

Not HMRC...this is wrong on both counts...the interest bearing account is 100% in the name of one investor only and is their funds and the interest reportable is theirs only, regardless of the account to where it is paid out, it arises on a SOLE account, not a joint account. Secondly, the interest on the 12 month deposit is stated as credited monthly and available, not rolled up to maturity, and is therefore reportable in the tax years credited, not on the maturity date.

Not HMRC...why would you close a SA record if its a continuing source?...the let property campaign would cover relevant years and SA would needed (possibly 23/24?) and 24/25 going forward if the property is still held?

Not HMRC...if the purpose of the borrowing is to buy a property to rent out then that element is allowable. It doesnt matter the mortgage type nor where secured, it is the purpose of the borrowing. This is NOT a deduction against rental profit, you would claim the morgtage interest paid as finance costs separately and then you will receive 20% releif as a tax credit against the let property tax liability.

Not HMRC...yes it does make a difference, in that situation you would be paying too much tax, based on HMRC taxing more state pension than is being received than is actually the case. Speak to HMRC, youll need details of the weekly rate you receive now and if appropriate pre the April 2024 increase. If this is the case you can also ask them to review the previous 4 years.

Not HMRC...Ermmm no, per DTA, employment income (article 14) taxable ONLY in one country unless exercised in the other...so no FTC is available and not liable in UK, if tax resident in Australia and not in UK at the time, Australian earnings wouldnt go anywhere near a UK return unless exercised in UK if that person is not tax resident in the UK...which is what the questioner is indicating the situation would be at that time. n.b. You dont deduct 20% interest, you claim all of the interest paid that relates to the let property, the calculation then gives releif at 20%...however, if you dont have a liability before that tax credit you wont actually get the tax credit at 20% as there would be no tax to set it against.

Not HMRC...you enter the interest paid on the mortgage for the year (not as an expense, as a separate finance cost), the calculation will then give you 20% tax credit (up to the amount of the profit), if unused interest you carry the difference forward.

Not HMRC...Incorrect, depends on the purpose of the additional borrowing. You borrowed £140k to buy the property, what was the additional borrowing of £80k used for? If it wasnt for allowable purposes it cannot be claimed.