HMRC Admin 18 Response
-
RE: CGT of main residence
Hi,
If this was your main residence for the whole period of ownership then it is sold at a no loss/gain to report. See guidance at:
Capital Gains Tax: what you pay it on, rates and allowances
Thank you. -
RE: Pension Allowance
Hi,
You cannot carry forward unused allowances from any tax year where you were not a member of at least one UK registered pension scheme, or a qualifying overseas pension scheme.
Thank you. -
RE: Double taxation Agreement
Hi,
Yes. You would have to claim up to 100% of the foreign tax paid as a foreign tax credit on you tax return.
Thank you. -
RE: With Profits Income Bond - Income and Capital Gains Tax
Hi,
You are correct.
Thank you. -
RE: Gains from non-reporting Offshore Mutual Fund Redemption
Hi,
The main effect for UK investors who have invested in non-reporting funds, as opposed to reporting funds, is that on disposal of their interests they will be liable to tax on any gain arising as if it were income (that is, an offshore income gain, or ‘OIG’) instead of as a capital gain.
Please have a look at:
Investment Funds Manual
and helpsheet HS265:
HS265 Offshore funds Published 6 April 2023.
This income is declared in box 41 of SA106:
Self Assessment: Foreign (SA106).
Thank you. -
RE: Capital Gains tax on gift of equity
Hi,
If you gift an asset or a share of an asset, in this case, proprety, to your children; you may be subjed to capital gains tax on that dipsosal. There is a calculator at:
Tax when you sell property
to help you work out if there is a gain and links to help you report and pay any tax due within 60 days of the completion date. Please also have a look at:
Capital Gains Tax: what you pay it on, rates and allowances.
Thank you. -
RE: Taxes and NI deducted on my payslip not showing on HMRC app
Hi,
Please contact the helpline who will be able to check your tax records and advise you of what action you need to take to get your pay and tax details added to your tax records:
Income Tax: general enquiries
Thank you. -
RE: Bank sent form CRS / FATCA on my child's saving account is this a regular process?
Hi,
Banks will sometimes require tax residency forms for minors to report where a customer is tax resident, especially if there are significant transactions. This is part of compliance with international tax regulations which is what the CRS/FATCA form is for. The bank may be asking for this information to ensure they are compliant with these regulations. For further information on this you may with to speak to your bank again to see if they can help further.
Thank you. -
RE: Foreign incomes, self assessment
Hi,
If you have foreign employment income, this should be declared in box 1 of the employment section of SA102. For foreign self employment income, it is declared on SA103:
(Self Assessment tax return forms). This adds the income into the tax calculation. The foreign page SA106 would only be needed if you had to pay tax in an overseas country on the income, because of the tax treaty. You would then be able to claim a foreign tax credit (Tax treaties).
Thank you. -
RE: Norway and UK tax liability for UK residents
Hi,
There is no need to apportion your income. Treat your income from 01 Jan to 31 Dec as the same as 06/04 to 05/04, when completing your self assessment tax return. You will need to review the tax treaty that exist between the UK and Norway. It is reciprocal.(Norway: tax treaties). Please have a look at help sheet HS302 for guidance on dual residency:
(Dual residents 2024 (HS302)
Thank you.