HMRC Admin 5 Response

Hi TipTopKaf

The tax and capital gains liabilities of ETF's are based on their asset class.  
Bonds are taxed as interest, Equities as dividends and commodities soley as capital gains tax.  All 3 are subject to capital gains tax.

Thank you
 

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.

Thanks

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.

Thank you

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.

Thanks

Hi nelk24

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

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Hi harmzz

Yes the figure is correct.

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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.

Thank you