HMRC Admin 5 Response

Hi

There is no gain to pay and no need to declare the sale.

Thank you
 

Hi

Negligible value claims must be submitted in writing or by entering a negligible value on your tax return.  
For tax purposes there is no accepted definition of ‘negligible value’, but generally it applies to assets that have become worth next to nothing while someone has owned them.  
Assets cannot have been of negligible value when you acquired them, they must have become of negligible value while you have owned them.  
If you can give evidence to HMRC that shows that your assets no longer have any value since you acquired them, you may be able to make a negligible value claim.
You can use this to realise a loss to reduce your Capital Gains Tax liability. Please see Negligible value claims and agreements

Thank you

Hi

You will need to review the guidance and undertake the 'statutory Residence test' at RDR3 to determine your tax residency status.  
This will help you determine whether the UK or Guernsy have the taxing rights of your self employment income
RDR3 Statutory Residence Test

Thank you

Hi James Eddie

HMRC will accept probate values for inheritance tax and capital gains tax purposes.  
The completion of CG34 (Post-transaction valuation checks for capital gains) is not compulsory, however, if you would like HMRC to check your valuations, you can download the form at
Post transaction valuation checks for Capital Gains (CG34)
The replacement of a boiler, re-wiring of the property, replacing windows, doors, kitchens and bathrooms etc, fall under 'repairs and maintenance' and cannot be set against the capital gains liability.
Capital expenditure, such as when you 'add something to the property that was not there before', 'alter, improve or upgrade something that was existing' or 'include the purchase of furnishings and equipment for the property'.  Some examples are 'adding an extension' 'installing a security system if there was not one before' or 'replacing a kitchen with one of a higher specification'. 
Please take a look at Work out your rental income when you let property

Thank you

Hi

As a UK resident, you are liable to pay income tax and capital gains tax on your world wide income.  
If you dispose of an overseas property and make a capital gain from the property, then you will need to report this in a self assessment tax return (SA100) on SA108 (gains) and also on SA106 (foreign), if any foreign tax was deducted from the disposal of the property.  
You can then claim a credit of up to 100% of the foreign tax paid.

Thank you

Hi 

You are permitted to carry forward the unused element of your annual allowance from the previous 3 tax year.  
If these unused allowances, when added to your current allowance, cover any pension payments over £40000 threshold, then there is no need to report it in a self assessment tax return or declare it to HMRC.

Thank you

Hi HKger2102

It depends on which country you are from. If you are entitled to claim personal allowances then it would be the full amount.

Thank you

 

Hi

That is correct. Relief will be applied at the basic rate of 20%.

Thank you

Hi

If you are self employed, yes - please see
Expenses if you're self-employed

Thank you

Hi

No. the whole return must be submitted together either all on paper or all online. if online, you need to use 3rd party software.

Thank you