HMRC Admin 19 Response
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RE: Calculating Net Adjusted Income for Child Benefit High Income Tax Charge
Hi Mattia,
If the pension contributions are deducted from your pay before the tax is calculated, then the figure will be your taxable pay which should be your gross pay minus the pension contributions.
Thank you. -
RE: Capital Gain Foriegn Shares
Hi,
You will show it under the foreign section and the capital gains section of the return.
Thank you. -
RE: Transitional Tax Free Allowance Certificate TTFAC - Pension Change
Hi,
You would need to get an updated certificate to show the correct LTA, as this could impact future withdrawals.
Thank you. -
RE: Interest gain from Hong Kong for tax years 2023-2024
Hi,
Receipt of foreign interest is a Self Assessment criteria, and you will need to complete a tax return to delcare this.
Thank you. -
RE: CGT liability following transfer of equity
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RE: Tax on Dividend and capital gains from shares in the ESPP plan
Hi,- The dividends are not, as they are automatically reinvested by the company.
- You need to report the sale of the shares and if any CGT is due then you can offset any foreign CGT paid to reduce your bill.
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RE: Capital gains TAX on non cashed out crypto assets.
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RE: Sending money from abroad to UK account
Hi,
You will need to report the sale for capital gains purposes in the UK. You can see guidance here:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you. -
RE: Expenses when receiving rent for only part of the year.
Hi,
The answer broadly depends on whether your rental business is continuing following your last tenant leaving the property. You can see guidance here:
PIM2510 - Beginning and end of a property business: cessation
Thank you. -
RE: Interest relief on mortgage
Hi,
As your question is specific to your personal circumstances you will need to contact our Self Assessment team to explain your situation in full as some clarification would be needed to provide you with an answer.
Self Assessment: general enquiries
The following guidance advises in addition to these restrictions, the normal property business rules apply:
PIM2052 - Deductions: interest: overview
See the guidance below, including the “wholly and exclusively” rule and the rules governing the timing of relief.
PIM1900 - Deductions
PIM1100 - Use of trading income rules
A customer cannot, for example, deduct interest on a private loan, such as a loan used to buy their private residence. Where part of the customer’s own residence is let see the guidance here:
PIM2100 - Deductions: main types of expense: expenses for own home
Similarly, the interest on a loan or overdraft may not be allowable, or only part may be allowable, where the customer, for example, uses the borrowing:- to buy non-property business investments (which may be shown in the balance sheet as assets),
- to buy private assets or assets for their family,
- for the provision of private funds to be taken out from the property business.