HMRC Admin 25 Response

Hi Humphbabe,
'Yes' as this counts as a car under Plant and Machinery Allowances.
Please refer to:
CA23510 - Plant and Machinery Allowances (PMA): cars: outline - meaning of ‘car’
and
https://www.gov.uk/capital-allowances
So can be claimed as annual investment allowancess its not a car. 
Thank you. 

Hi sb3502,
Exchange rates from HMRC in CSV and XML format
provides more recent exchange rates and
Exchange rates goes back to 1 January 1989.
It is not necessary for you to use the actual closing date exchange rate.
HMRC allows for the use of a monthly rate, annual average rate and two spot rates, as well as the actual daily closing rate.
 You are free to utilise the rate that gives you the better conversion.
Thank you. 

Hi Jon Carter,
To confirm you are correct. 
Thank you. 

Hi Pam3210,
Thank you for your question.
Based on the wording used in your question, I would assume that this would suffice when setting up the Bare Trust between yourself and your Husband.
Additional guidance on the wording to use is attached as following:
TSEM9520 - Ownership and income tax: express trusts - written declaration
When creating the Bare Trust, I would advise that a copy is not required to be sent into HMRC and can be created by yourself with a Solicitor not essential as long as the relevant information is supplied (i.e address, percentage transferred etc).
Thank you. 

Hi uqlist035,
In this scenario, the 2 year qualifying period will apply from the date of incorporation ie jan 2022.
The previous staus of the busines is not rolled over into the new business, so BADR will not apply until jan 2024.
Thank you. 

Hi tze kuen au,
Please refer to:
Remittance basis 2023 (HS264)
Tax on foreign income
Thank you, 
 

Hi Mark,
You will not pay inheritance tax as they are not UK assets.
You will need to declare any income that is then generated from these assets and also if you sell the property, Capital Gains Tax may be due.
Thank you. 

Hi Ch330,
Further guidance is here and the links therein
SAIM3010 - Deeply discounted securities: introduction
Thank you. 

 

Hi Trevor Caulfield, 
The actual pension is taxable in the UK:
UK/ AUSTRALIA DOUBLE TAXATION CONVENTION
Thank you. 
 

Hi Sandy,
No.
Under Article 17 of the double taxation treaty, the pension is only taxable in Hong Kong.
Thank you.