HMRC Admin 21 Response
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RE: Capital Gains Tax in Administration Period
Hi,
If the assets were sold over both years then yes. however if all sold in this tax year it is only the £3000 annual allowance that is allowable.
Thank you.
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RE: claim foreign tax credit relief
Hi Eduardo S,
For the foreign credit on Capital Gains, this is a separate question on page 1 of 3 on the tailor your return section so you need to ensure you have answered yes to the correct section.
Thank you. -
RE: How to calculate the CGT if selling a oversea property
Hi WH,
HMRC rates are at HMRC currency exchange average rates - GOV.UK (trade-tariff.service.gov.uk)
Thank you. -
RE: DENTAL COSTS FREELANCE SPEAKING SPORTS JOURNALIST
Hi,
No as this would have been required no matter what your employment is.
Thank you. -
RE: Help understanding tax and tax relief on additional / personal pension payments
Hi,
It would depend on the type of pension scheme and the rate of tax being paid. Unfortunately, we are unable to provide specific advice tailored to individual circumstances on this forum. This forum is for general queries only and is intended to help you self-serve. Please refer to guidance at:
Tax on your private pension contributions.
Alternatively, you may wish to engage the services of a professional advisor/accountant to assist with your enquiry.
Thank you. -
RE: CGT when a gift is not really a gift
Hi Michael,
As she is on the deeds she is the legal owner and therefore liable to CGT. If a declaration of trust was in place making your brother the beneficial owner of 100% then this would affect any gain for your mother. Any decalaration submitted now cannot be backdated.
Thank you. -
RE: Does contribution based ESA count towards pension annual allowance
Hi ballygirl G,
Please refer to Personal Allowances: adjusted net income. If you click on taxable income it then confirms some state benefits. As contribution based ESA is taxable income this needs to be included. HMRC cannot advise you how much to pay into your pension.
Thank you. -
RE: Tax on usa inherited IRA withdrawal
Hi Gavin,
Article 17 provides for the taxation of pensions and other similar remuneration only in the state of residence of the beneficial owner.
For this purpose, a payment is treated as a pension or other similar remuneration if it is a payment under a pension scheme, as defined at Article 3(1)(o).
Contrary to this general rule, the residence state, under paragraph 1(b), must exempt from tax any amount of such pensions or other similar remuneration that would be exempt from tax in the State in which the pension scheme is established if the recipient were a resident of that State. Thus, for example, a distribution from a US Individual Retirement Arrangement or ""IRA"" to a UK resident will be exempt from tax in the UK to the same extent that the distribution would be exempt from tax in the US.
(DT19853 - Double Taxation Relief Manual: Guidance by country: United States of America: Notes).
Thank you. -
RE: foreign income tax
Hi,
No. You will be working for a Hong Kong based employer, in Hong Kong for a few years. Under the tax treaty, you would only be taxable in Hong Kong.
Thank you. -
RE: Pension NT code - amount limits or time limits
Hi Clarky55,
With each new drawdown you will need to submit a DT Individual form.
You can find if there is a tailored DT individual for your country of residence. By navigating to www.gov.uk, please type "DT individual UK / (enter your country of residence)".
You will need to download the form and complete it after you have drawndown your pension. You send the completed form to your local tax office in your country of residence for validation. They will either return the validated form to you for onward transmission to HMRC or they will send it directly to HMRC. This depends on your country of residence.
Each time you commence a new drawdown, you will need to repeat this process, in order to claim back any tax deducted from the drawdown.
Thank you.