HMRC Admin 17 Response
Joined: 1/20/2021
-
RE : CGT - Can Stock Mkt Losses realised few days after Capital Gains from BTL sale be offset?
Hi ,
They are still available for offseting at the end of the year but they must have occured prior to the sale of the property
to be included on the 60 day reporting return .
Thank you . -
RE : do i need to file report for crypto CGT if under allownce
Hi ,
If the actual disposal was in excess of 50k then yes you still need to report it and you can use the real time system.
See guidance at :
Capital Gains Tax: what you pay it on, rates and allowances .
Thank you . -
RE : Potential tax on lump sum from foreign life insurance policy
Hi ,
This forum is for general queries only and is intended to help you self-serve.
We are unable to provide specific advice tailored to individual circumstances. please refer to :
HS321 Gains on foreign life insurance policies (2024) .
Thank you . -
RE : Declare foreign interest below tax threshold from previous years?
Hi ,
If you meet the criteria for Self Assessment then you will need to register and submit a Self Assessment even if no tax is due.
You can check if you meet the criteria at :
Check if you need to send a Self Assessment tax return .
Thank you . -
RE: Property Income Allowance
Hi ,
This is correct, Property income allowance started 6 April 2017, there was no property allowance before this.
Thank you . -
RE : How to pay tax on UK rental income when non-resident for tax purposes.
Hi ,
Thanks for your question.
As per Article 6 (1) of the Australia/UK Double Taxation Agreement, income from property in the UK may be taxed
in the Contracting State in which the property is situated.
You are correct, income from property within the UK would be disclosed within the SA105 UK Property page,
then you would claim back tax credit from the Australian authorities for the difference in tax deducted.
If income from property in the UK does fall below the personal allowance, then no income tax should be deducted, however, personal allowances and any deductions must also be taken into consideration.
You would declare Australian employment income within the SA106 Foreign page, which would be included within your overall calculation.
When declaring the mortgage interest figure, you would place this through as a residential finance cost, not an expense.
You may be required to state whether you are eligible to claim the UK personal allowance within the SA109 Residence page,
again however, I would be unable to definitively advise on your personal situation as other factors may need to be considered.
Thank you . -
RE: Deed of Trust - Transferring Income to Spouse
Hi ,Thank you for your question.
You would create a deed of trust that reflects the exact ratio for both of you without th Form 17.
If a property is held in the name of only one spouse the 50/50 and Form 17 rules do not apply,
these rules only apply to property held in joint names.
The deed of trust does not trigger Capital Gains.
You will need to contact the Stamp Duty helpline on 0300 200 3510 for any queries regarding stamp duty.
Thank you . -
RE : Additional borrowing
Hi ,
Yes you can claim the interest of the whole mortgage.
The costs of getting a loan or alternative finance to buy a residential property and any interest on such a loan or alternative finance payments can be used to calculate a reduction in your Income Tax.
Please use box 44 on the SA105. The tax that you pay would be lower by utilising this box.
The reduction is the basic rate value (currently 20%) of the lower of:
Finance costs - costs not deducted from rental income in the tax year this will be a proportion of finance costs for the transitional years ,
plus any finance costs brought forward.
Property business profits - the profits of the property business in the tax year after using any brought forward losses.
Adjusted total income - the income after losses and reliefs, excluding savings and dividend income , that exceeds your personal allowance.
Thank you. -
RE: Form 17 - can I use it?
Hi ,
Declarations take effect from the date that the Form 17 is signed.
A declaration therefore cannot be backdated.
The Form 17 declaration must also be given to HMRC within 60 days of the date of the declaration.
The declaration time limit of 60 days must be enforced strictly S837 3(b) ITA2007.
There is no power to extend it .
Thank you . -
RE : Mortgage Payments against rental propery
Hi,
You do not need to but you can enter the interest on the mortgage, not the total mortgage payments,
of the rental property in box 44 of the SA105.
The tax that you pay would be lower by utilising this box.
The reduction is the basic rate value currently 20%v , of the lower of Finance costs - costs not deducted from rental income
in the tax year this will be a proportion of finance costs for the transitional years , plus any finance costs brought forward.
The rental property business profits - the profits of the property business in the tax year after using any brought forward losses .
Adjusted total income - the income after losses and reliefs, excluding savings and dividend income , that exceeds your personal allowance.
Thank you .