HMRC Admin 19 Response
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RE: Pension Tax
Hi,
Please have a look at articles 18 and 19 of the UK/Turkey double tax agreement below:
UK/TURKEY DOUBLE TAXATION AGREEMENT
If you have relocated to Turkey and you have commenced reciept of your private pensions, you would complete the form below and declare your private pensions, including state pension:
Double Taxation: Treaty Relief (Form DT-Individual)
Please send the completed form to the Turkish tax authorities for validation. They will return the validated form to you, so that you can then send the validate form to:
HM Revenue and Customs,
Pay As You Earn and Self Assessment,
BX9 1AS,
United Kingdom
Thank you. -
RE: CGT on overseas property where values unclear
Hi,
To calculate UK capital gains on this disposal requires all of the values to be converted from Euro's to UK pounds sterling, using a just and reasonable exchange rate. Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates here:
Exchange rates from HMRC in CSV and XML format
and for older rates, here:
Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing.
It is up to your daughter to provide evidence of the acquistion costs should we ask for it. The calculator belowhttps://www.gov.uk/tax-sell-property can be used to work out any gain.
Tax when you sell property
The disposal should be reported in a Self Assessment tax return on SA108, capital gains, and if Italian Capital Gains Tax has been paid, it should also be declared on SA10, Foreign, so that a foreign tax credit can be claimed.
Thank you. -
RE: CGT can I offset losses on sale of shares against capital gain on sale of a buy to let property
Hi,
Yes, you can offset the loss from share disposals against your gain from residential property disposal. You would be required to submit an amended online PPDCGT from that include the loss, as well as supporting evidence of the loss, thus reducing your capital gain liability. The amendment should generate an overpayment of tax. You can then enter your bank account details and claim a repayment of tax. -
RE: SIPP Pension Tax Relief
Hi,
The maximum that anyone can pay into their pension scheme and receive tax relief is the lower of £60,000 annual allowance or their annual UK earned income. From 6 April 2016 your annual allowance will be reduced if your adjusted income for the tax year is more than the adjusted income limit. You can see guidance here:
Pension schemes rates
You can also see guifdance on UK earned income here:
PTM044100 - Contributions: tax relief for members
Thank you. -
RE: cash gift
Hi richard b,
You can see guidance on giving gifts here:
Rules on giving gifts
If, after reading the guidance, you still have queries, you will need to contact our Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: Tax on cash gifts from overseas
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: IHT direct payment scheme
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: WILLS and GIFTS
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: Estimated income from savings
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RE: Liability for CGT
Hi Andrea Roberts,
It is now too late to submit an amended PPDCGT return form. Your husband will need to compete a Self Assessment tax return and include his worldwide income, using the relevant supplementary pages. Capital gains is declared on supplementary page SA108.
He will need to show the revised Capital Gains Tax liability for the property disposal. The supplementary page should also show the gain declared on the PPDCGT form, box 9 page CG1, and the tax paid, box 10 CG1.
Thank you.