Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 21 Nov 2022 17:37:04 GMT by 4Dimension
Hi there, I am a non-resident landlord trying to apply the NRL. However, I sold my shares in the tax year and the profit has been paid to my UK bank account which I opened several years ago when I was studying in the UK. I used sterling to do trading but the shares I bought and sold are US and Hongkong shares and the trading app is also developed by US. It was just profit paid into UK bank account. I was wondering if I need to declare the profit when I apply the NRL and self assessment? Thank you. 
Posted Wed, 23 Nov 2022 11:11:48 GMT by HMRC Admin 17

Hi,
 
As not a UK resident you would only declare the gain to the country you declare your worldwide income too.

You may however need to declare any interest that has been generated from the input of the capital to the uk bank account see :

Residence, domicile and the remittance basis: RDR1     .

Thank you.
Posted Wed, 23 Nov 2022 12:22:23 GMT by 4Dimension
Thank you for replying. And I have a further question. I used letting agent to collect my rental income and I was approved of NRL. The tenant started paying rent from 13 May 2022 and all rent incoming now is saved in my property account which is held by letting agent so that I have not received any rent payment in my bank account. First question is if I do not intend to receive any rental profit until the end of 2023. Do I need to file the tax return for the year 2022-2023? Second question is if how HMRC decide on what basis the landlord should submit self assessment. On the basis of rent actually received to landlords bank account or received by letting agent? Thank you.
Posted Thu, 24 Nov 2022 13:32:29 GMT by HMRC Admin 10
Hi
The rent that your tennant pays between 6 April 2022 to 5 April 2023, must be declared in the 2022 to 2023 tax return, irrespective of when you receive the money from the letting agent.
Thankyou.
Regards.
Posted Wed, 30 Nov 2022 16:00:13 GMT by 4Dimension
Thank you very much. I have one more question that is I bought the buy to let property in the UK all by cash but the cash came from remortgage cash release from another property in my home country which is also mine. I need to pay mortgage interest charged on my local property every month to my local bank. Can I claim finance cost relief of this mortgage interest payment? The tricky thing is the mortgage is not directly charged on my UK buy to let property but I did use all remortgage cash from another property to buy UK property. Could you advise if I can use the mortgage interest as finance cost when I file tax return? Thank you.
Posted Fri, 02 Dec 2022 14:46:37 GMT by HMRC Admin 32
Hi,

You can only claim the mortgage interest that relates to the let property and as you state the interest is not for the buy to let property you cannot claim this.

Thank you.
Posted Wed, 04 Jan 2023 11:50:56 GMT by 4Dimension
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.
Posted Tue, 10 Jan 2023 13:40:31 GMT by HMRC Admin 32
Hi,

Income from property is calculated as being based from 6 April to 5 April next. If your accounting period for your property income does not end on 5 April 2022, apportion the figures in your accounts to cover the tax year 6 April 2021 to 5 April 2022.  

Have a look at the guidance notes at:

UK property notes (2022)

Thank you.
 

You must be signed in to post in this forum.