HMRC Admin 5 Response

Hi

The descriptions of 'wrong or injury', 'in his person' and 'in his profession or vocatation', can be found at CG13030.  
You will need to consider these descriptions, when determining whether the compensation you received is taxable or not, under the capital gains legistaltion at Section 51(2) TCGA 1992.  Please see CG13030 - Compensation: personal compensation or damages.  
If capital gains tax is payable, you have your annual exempt allowance to set against it, if not utilised against other gains.

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Hi Pines12345

The individual did not meet the criteris for tax relief to be allowed, as they were not a relevant UK individual.  Please see Abolition of Lifetime Allowance and increases to Pension Tax Limits

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Hi

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 is an Annual rate, a spot rate and a monthly rate at UK Government Web Archive/and
Exchange rates from HMRC in CSV and XML format.  
You are free to choose any of those rates or a rate from another source, such as the London Stock Exchange.  The dividend can be treated as from the USA.
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.  If you invest in deeply discounted securities, put the difference between what you paid for the bond and what you redeem or sell it for in box 3 of SA101 (page Ai1). Additional information (2023)
Where the bonds are acquired from a broker, the bond commission and security fee, is included in the price the bond was issued at and used to work out the discount on the price received at maturity.
Have a look at SAIM3010 - Deeply discounted securities: introduction for more information.

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Hi 

There are 4 types of ISA, you can open one of each in the same tax year, but not more than 1 of each and deposit a combined maximum of £20000.
If you do, you will need to contact the ISA providers, to have one of the ISAs closed.  The answer to question 2 is yes, e.g. you can open a cash ISA in 23/34 and new cash ISA in 24/25.  
Have a look at the ISA guidance at Individual Savings Accounts (ISAs).

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Hi

SAIM2430 advises Interest arising on an account held by an unmarried person under 18 is treated as income of his or her parent if the money in the account was a gift from the parent and the interest exceeds £100 - SAIM2430 - Interest: taxation of interest: children's accounts
As the children are now over the age of 18, the capital and interest is theirs.  The insurance company will be able to confirm whether the payment can be paid directly to your children.  
The insurance company will provide chargeable event certificates, showing the gain arising on the policy for each child.  
If the gain exceeds £10000.00, then a tax return is required to report the gain.  If below this figure, your children should send a copy of the chargeable event gain to:
H.M. Revenue and Customs
Pay As You Earn
BX9 1AS.

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Hi 

Yes. If you submitted online, you can still do the 21/22 return until 31/1/24. Earlier years must be in writing and you must make reference to overpayment relief - SACM12150 - Overpayment relief: Form of claims

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Hi snoop dogg

Please refer to PIM2120 - Deductions: main types of expense: legal and professional costs - the auction fees are to buy the property and not part of arranging finance and as such are capital expenditure and would be deductable against any potential capital gain.

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Hi 

1. yes you need to report this and it must be in sterling. you report the full amount as the dividend allowance is then given in the calculation  
2. no you dont include these as foreign dividends as is part of your pay    
3. disposal price minus costs. you do not include any PAYE tax as a cost  
4. As the payment is from your employer, the income should be shown in the employment section if it is included in your P60. You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'.  ERSM20193 advises that when RSUs payout at the market value on what is called ""dividend equivalents"" in either cash or shares, such payments will generally be taxed as earnings in the year they are received  ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents

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Hi Jose Antonio Moray Serrano

It is losses brought forward and used in year.

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Hi 

As the MPF is not taxable in the UK you don't declare this.

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