HMRC Admin 5 Response

Hi Czarek

It will be the 10% as that is the maximum relief due. The FTCR cannot exceed the actual UK tax due on the same income.

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Hi James

Yes. the tx free part refers to the whole pension pot so you would still be liable to tax on 75% of what you take as a lump sum. This applies to UK pensions also.

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Hi 

If the house was her only and main residence for the whole period of ownership then you dont need to report anything.
As your mother moved to residential care, you have 36 months to sell the property if it was a main residence.

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Hi

No you dov not include the bursary or college travel.

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Hi

Yes to both but you may want to discuss it with the ISA provider and/or a financial adviser.

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Hi nelk24

Yes, if you have a mortgage/loan on the rental property.

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Hi 

This would depend on whether you use the cash basis.  
If you use the cash basis, it would come off this year, as that is the tax year the money came out of your account.  
If you use the traditional accounting practice, then it would come out of last year.  
You would need to amend your tax return to reduce your gross turnover, expenses etc.

Thanks

Hi

As you have income from property, you meet the criteria for completing a self assesment tax return.  
You can register for self assessment at Check how to register for Self Assessment, if you have not done so.  
The tax return is for you to declare all of your world-wide income and capital gains.  This includes the interest from your bank.  
The self assessment calculation will allow up to £1000 of interest tax free, if your are a basice rate taxpayer or £500 if you are a higher rate taxpayer.  
Whether there is tax to pay on the interest will depend on what is declared on the tax return.

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Hi

Where your sell goods that you acquired to make a profit, this is declared as self employment income.  
If you dispose of personal possessions and their disposal results in a gain, then the gain is reported and is taxable as a capital gain.  
Have a look at the guidance at Capital Gains Tax: what you pay it on, rates and allowances.

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Hi Czarek

8.75% is the basic dividends rate of tax applied in the UK.  The foreign tax credit is not referring to this.
If the UK has a tax treaty with another country, you need to review the article that applies to dividends.  That article will declare the limit of relief.  
For example the tax treaty with France has article 11 covering dividends and it states relief is limited to 15%.  
This is the limit for foreign tax credit relief.  The agreements between countries differ, which is why you need to confirm the agreed relief.  
A list of treaties with the UK can be found at Tax treaties.

Thank you