HMRC Admin 32 Response

Hi uur_424,

As you have transferred equity whilst a UK resident, this would be seen as a capital gain that would need to be reported.

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.

Hi tbooth26,

Please refer to below for the NI query. The P85 will refund any excess tax in the year of departure.

National Insurance if you work abroad

Thank you.

Hi Josipa,

It depends on how long you you are actually out of the country.

Please refer to:

RDR3 Statutory Residence Test

Thank you.

Hi,

No. You would not need to declare the transfer of the assets to the UK in a Self Assessment Tax Return. You would have to declare any interest arising from the transfer of your savings.

Thank you.

Hi,

Form 17 would also be  required along with the declaratio of trust, to alter the 50/50 split to the beneficially owned split.

Declare beneficial interests in joint property and income

Form 17 must be in HMRC possession withing 60 days of being signed. 

TSEM9860 - Property held jointly by married couples or civil partners: Form 17 rule - when declaration takes effect: normal case

This will remain in place until circumstances change as advised at:

TSEM9864 - Property held jointly by married couples or civil partners: form 17 rule - when a declaration stops

Thank you.

Hi,

HMRC would not need to know where the money came from but your bank may ask for details. No inheritance tax is due as it is not income from a UK estate/asset. As your parent is living in Poland there is no UK capital gains but she may want to check with the tax office in Poland re any charges that may be due.

Thank you.

Hi,

UK/US citizens resident in the UK are taxable on their IRA interest in the UK. IRA's are treated differently from Roth IRA's, in that they are taxable in the UK under foreign interest. The gross interest would be declared in the self assessment tax return, using the supplementary page SA106. The interest would be treated in the same way as UK interest and attract that starting rate of £5000.00.  

Have a look at:

Tax on savings interest

DT19852 implies that tax is not payable in the USA on this interest. 

Thank you.

Hi,

You can contact us on webchat. You can use the link belowt and go to 'Ask HMRC Online'.

Self Assessment: general enquiries

Thank you.

Hi,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.  

Further guidance can be found here.

Tax on savings interest

Tax on dividends

Thank you.