HMRC Admin 21 Response

Hi,
Where the asset is held by an individual, this gain will normally be taxable at 20% to the extent that it falls above the higher rate income tax threshold (10% to the extent it falls within your basic rate band).
The higher 28% CGT rate which applies to disposals of residential property will not apply to a disposal of bare land, even if it already has planning permission for residential property to be built, but would apply if what they are selling is already residential property.
Definition of what is or is not residential property can be found at: CG73550 - Residential Property gains
I would also refer them to our help sheet at :
HS282 Death, personal representatives and legatees (2024) - GOV.UK (www.gov.uk).
In this case any CG would be split equally by all parties involved.
Thank you.

Hi J Chan,
You will have to work out if there is a Capital Gains liability, using UK rules for Capital Gains.  
This means that you need to convert the values to GBP sterling, using a just and reasonable exchange rate in use at the time of acquistion and disposal.  The disposal should be reported in a Self Assessment tax return.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
For your convenience, there are exchange rates at: https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/Exchange rates from HMRC in CSV and XML format and for older rates at UK Government Web Archive/ukgwa/20100202113554/Exchange rates from HMRC in CSV and XML format.
You are free to use any of the supplied rates or one of your own choosing.
Thank you.

Hi,
To work out if there is Capital Gains tax payable in the UK means you need to follow the UK rules.  
You need convert all the values to GBP sterling, using a just and reasonable exchange rate in use at the time of acquisition and disposal.
If the property was your main residence, then you can work out how much private residence relief to set against a gain.  
Please have a look at HS283 at: 
HS283 Private Residence Relief (2022) -self-assessment-helpsheet/hs283-private-residence-relief-2024).  
To help you, there is a calculator at: Tax when you sell property.  
As this is an overseas disposal, it must be declared on a Self Assessment tax return.
Thank you.

Hi,
Please see guidance here regarding the exemption of tax for a UN official as it will depend on the grade.
If you are then tax exempt on this income then it will not need to be declared to us and the need for a self assessment tax return would not be needed. INTM860700 - Immunities and Privileges: Contents: International Organisations and,
INTM860720 - Employees of international organisations: claims by individuals.
Thank you.

Hi,
Capital gains tax liability arises where the disposal value is greater than the acquisition costs.  
These values are bases on the individual and their share of the asset.  
If your mum owned a share of a property, her calculation would be based on her share of the property, not the full value of the property.
Thank you.

Hi,
Article 20 of the tax treaty between the UK and India UK/India Double Taxation Convention does not mention lump sums.  
This means that HMRC can tax your lump sum.  It also gives India the right to tax the lump sum.  
You would need to claim a tax credit in India for any UK tax paid under article 24 for the elimination of double taxation.  
If you take a regular pension payments paid at regular times, then this is only taxable in India.
Thank you.

Hi,
Thank you for your question.
I can confirm that you are entitled to 20% tax relief on your Buy-to-Let repayment mortgage. This should be claimed at box 44 of your SA tax return property page.
Thank you.

Hi Jon,
Thank you for your question.  
Any fees payable to the Management Agents should be entered at box 27 on your SA tax return property page.
Thank you.

Hi,
Thank you for your questions.  
A) I would refer you to: Abolition of the furnished holiday lettings tax regime - in particular the section headed 'Proposed revisions' which details the use of BADR and the time frames.  
B) As regards the cessation of the FHL, you need to tick the box on the SA105 page when you complete your self-assessment tax return.  
C) If you are ceasing the FHL because it does not meet the availability criteria, any income received from the property after that date will be just normal rental income and should be declared as such.  
You may also be interested in looking at:
CG73500 - Furnished holiday lettings: general which is information on FHL's and Capital Gains and also: 
CG63965 - Business Asset Disposal Relief: meaning of business which gives more information on BADR and what is classed as a business.
Thank you.

Hi Binod,
Thank you for your question.
Details of trusts that need to be registered can be found at: 
TRSM23000 - Types of trust that need to be registered: contents: excluded express trusts: contents.
If you require any further guidance you can call the trust helpline on 0300 123 1072. 
Thank you.