HMRC Admin 21 Response
-
RE: Confusion about Split Year Treatment (box 6 and 10)
Hi Nesta,
1. the date of arrival
2. this refers to the part of the year you lived outside the UK. If you came to the UK for any days prior to your actual arrival then you fill in that box.
Thank you. -
RE: Do I need self assessment
Hi YS Tsang,
We may need some more information to give you the right advice here. Please contact us by webchat or phone via Self Assessment: general enquiries to help us advise you further.
Thank you. -
RE: CGT on transfer of part equity of second home to child
Hi Ari,
Yes show it as the 50%. if it is just the rental income that you are gifting and not the actual property to them that form is not applicable and you would send in a declaration of trust.
Thank you. -
RE: Calculating CGT and do I have anything to declare?
Hi Confused3456,
Please refer to guidance at: Capital Gains Tax: what you pay it on, rates and allowances.
Thank you.
-
RE: Paying tax in NS&I Bonds
Hi Josh,
If any tax is due on the interest earned on your maturing bond, it will be payable in the year it was earned.
Thank you. -
RE: Not sure what to put for trading name
Hi Michael,
Yes you will need to show both.
Thank you. -
RE: First-time filer. Met residence test for YE April '24. Should start dates on SA1 be April 6/23?
Hi CanuckInLondon TaxAccounting,
As you have not stated the date you came to the UK it would be the date the UK income started.
Thank you. -
RE: Short Term Profit (within 6 months) from US Treasury Bill is Interest Income or Capital Gain
Hi Cain,
US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than Capital Gains. The return is paid at maturity rather than regular interest payments. In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity. On a foreign investment the income is the difference between the purchase and redemption price after each has been converted to sterling on the day the transactions took place, so includes any foreign exchange gains. Losses cannot be deducted.
Have a look at SAIM3010 - Deeply discounted securities: introduction for more information.
Thank you.