HMRC Admin 17 Response

Hi,
 

If you are using 3rd party software our advice would be to speak to them to double check any amendments that require to be carried out in the payroll software. It unclear if any P45 has been initiated already and you are trying to amend it? If so it wont allow this as no duplicate can be raised. Employees can call our Taxes Helpline on 0300 200 3300 to check the position with what we hold. To obtain more information please contact our Employers Helpline on 0300 200 3200. Thank you .

Hi,
 

I regret that we cannot advise how much capital gains tax you will need to pay.  There is a calculator at : Tax when you sell your home   , which should help you work out your gain.  You should convert the acqusition costs, using a just and reasonable exchange rate in use at the time of acquisition.  The same should be done at the time of disposal.  If the property was your main resident for a period of time, you may be able to claim private residence relief to set agains any gains that arise.  Guidance on private residence relief can be found at : HS283 Private Residence Relief (2023)  . Thank you .

Hi
 

pat wong ,   If you had no UK or overseas income during the UK part of the 'split year' - ie from the date you arrived in the UK to 5 April 2023 - then you are not required to submit a 2023 Self Assessment tax return.   See : Check if you need to send a Self Assessment tax return  . Thank you.

Hi,
 

Out of the value £36k, £20k can be transferred to the ISA.  The remainder may be subject to capital gains tax, after your annual exempt allowance is deducted.  There would be a capital gain tax liability, arising from the transfer of the shares to your partner. Thank you.

Hi
 

Catherine Kwok ,   I regret that we cannot advise you whether case 4 or case 8 applies to your circumstances.  If you are unable to determine this for yourself, you may need to seek the advice of a finacial advisor. Thank you.

Hi,
 

Thank you for your question. As you are in receipt of property income from overseas, alongside the SA100 Tax Return you would complete the SA106 Foreign supplementary page stating your rental income and any allowable expenses incurred. When completing the SA106 page, you are correct to submit the total finance figures with the calculation taking into account the basic rate of relief. In terms of tax deducted in Hong Kong, you would state that no tax has been deducted by placing £0 in the tax taken box. Thank you .

Hi,

Thank you for your question. In regard to property 1 which its owned solely by yourself, the starting point with rental income is 'whoever has beneficial ownership of the property has beneficial ownership of the income'. Please refer to the following guidance : Trusts, Settlements and Estates Manual . As you are the legal owner of the property, then creating a Declaration of Trust would be sufficient to arrange this. There is no requirement to send the Declaration of Trust, however I would advise to have a copy accessible as HMRC may ask to see this in the future. As you are the sole owner of the property, a Form 17 would not apply. For property 2, the same process may be used in creating the Declaration of Trust, again keep a copy accessible. For this property as it is owned by yourself and your Wife, a Form 17 may be submitted on the basis of uneven shares in the property are to be declared. I have attached the link to the Form 17 if it is required: Declare beneficial interests in joint property and income . Thanks

I am writing to seek clarification on the reporting requirements for income generated from shares held under a declaration of trust. I would be grateful if you could provide guidance on the matter. I am currently holding HSBC shares on behalf of my mother, who is American and not UK tax resident, under a declaration of trust. The declaration of trust clearly establishes my role as the trustee and my mother as the beneficial owner of the shares. However, I am uncertain about the proper reporting procedures for the income generated from these shares. Considering the ownership arrangement outlined in the declaration of trust, I would like to understand whether I, as the trustee, am responsible for reporting the income generated from the shares to HMRC as I am a UK tax resident but my mother is not UK tax resident. I would greatly appreciate your advice.

 

If you have oversubscribed in the current 2024/25 tax year, you can contact your ISA provider to instruct them to remove overpayment amounts to correct the error. If the error occurred in a previous tax year, then you should not do anything. You should not attempt to correct the situation. HMRC will write to you after the end of the tax year in question if appropriate. Thank you .

Hi,
 

Please use the guidance below to establish the UK residence status (with regard to family ties) of your wife and daughter.  See Link : Residence, Domicile and Remittance Basis Manual   . Thank you.