HMRC Admin 17 Response

Hi
 

Debbie Bates  .   If you have a business goverment gateway user ID and password, then you cannot use this to create a capital gains account for an individual.  You will need to create a new government gateway user ID and password for an individual account and use this to creat a capital gains account for an individual.  See : HMRC online services: sign in or set up an account  . Thank you .

Hi ,
 

If you are not resident in the UK and not taxable here, then you would only be taxable in another country if your remain in that country long enough to meet their taxation rules and this will vary from country to country.

Thank you.

Hi,
 

Based on the information you have given, it would be option 3   . Thank you .

Hi,
 

Yes you could work abroad April - October but this would cover 2 tax years and you would need to ensure that the 183 days in the UK was met for each tax year  . Thank you.

Hi,
 

Thank you for your question. For any help and advice about your NRL1 form please refer to Non-UK resident landlords, contact details can be found at : Non-UK resident landlords   . Thank you.

Hi, 
 

If your basic rate threshold was not extended by £6250, then your income at the higher rate would be £6250 more.  Instead of paying tax at 40% on £6250 = £2500, your pension payment is taxed on £6250 at 20% = £1250.  This means you are are only paying £1250 tax and not £2500, giving £1250 tax relief, to go with the £1250 tax paid that the pension provider will claim.  This gives a total tax relief of £2500, the equivalent of £3250 @ 40%.  There is no double taxation arising in this calclation . Thank you.

Hi,
 

Due to backlogs, you are looking at 24/03/24 for a reply  . Thank you.

Hi,

Correct - capital losses can only be used against capital gains tax  .

Thank you .

Hi,
 

As a UK resident you would be entitled to claim the allowances. If non resident, then you cannot  . Thank you.

Hi, 
 

Thank you for your question. Usually, the rental business does not begin until the first property is let. Any expenses incurred before the first let must be solely for the rental business and must not be capital expenditure. Any qualifying pre-letting expenses are treated as incurred on the day the rental business commences, which to confirm, is usually the day the property is first let. After the first property has been let, any later expenditure leading up to the letting of the second and later properties is part of the rental business and can be deducted - provided it is incurred wholly and exclusively for the purpose of the business and isn’t capital expenditure. For further information, see  : Property Income Manual . The costs incurred in obtaining loan finance for a rental business can be deducted from the rental profits providing the costs are incurred wholly exclusively for a property let at a commercial rate. Guidance at PIM2105 refers. Thank you.