HMRC Admin 5 Response

Hi Enes

Your friend may be able to cash the cheque on your behalf. You would need to check with your bank if there is a process for this.

Thank you

Hi,

Inheritance tax is only paid on UK assets (once the threshold has been met) so there will be no need for you to declare this.
You do not need to declare the transfer of the money to the UK. However, you will need to obtain a value for the shares at the date your father passed away as you may be liable to capital gains tax should you sell these at a later date.

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Hi Phoebe Chan

You will need to work out your residence position, using the statutory residence tests here RDR3 Statutory Residence Test.
As you rent out a UK property, you are required to complete a self assessment tax return.  
If you are treated as resident in the UK for the whole tax year and split year treatement does not apply, then you are taxable on your world-wide income, so you would need to declare your foreign income pages (SA106).  
If split year treatment does apply, you would declare this on SA109.

Thank you

Hi

All part of the capital gains calculation must be in pounds sterling.  They should be converted using the official rate in place that the time of the event.
Your purchase price is the amount you bought the property for, at the time the contracts were signed and not when or how much those multiple payment were.  
You would use the exchange rate in operation at the time the contracts were signed, or any one of the three official rates available, to convert the purchase price to pounds sterling.  
CG15250 advises on the costs of acquisition and disposal.  These costs will also need to be converte to pounds sterling, using the exchange rate in use at the time.  
You will also need to convert the disposal value to pounds sterling.  
The calculator at Tax when you sell your home, can be used to work out if there is capital gains tax to be paid.
You can find exchange rates here
Exchange rates from HMRC in CSV and XML format

Thank you

Hi AmyFoley

Based on the timescale we would expect this to have been reviewed.
If it is still not updated please contact our helpline again or submit another form. Our contact details can be found here
Income Tax: general enquiries

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Hi

Yes, all interest outside of an ISA should be declared.

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Hi rl11

The savings and investments manual advises at SAIM2440, that taxation of interest is when the interest arises.  
If you don't have access to the savings until the account reaches maturity, then the interest is only taxable when the account matures.  
Have a look at example 2 here SAIM2440 - Interest: taxation of interest: when interest arises

Thank you

Hi

If the property is jointly owned, you can split the capital gains 50/50.  
As your wife is solely, the legal and beneficial owner, that split is not allowed.  Your wife will be liable for all the capital gains. You can find guidance here
CG10720 - Persons chargeable: beneficial owner

Thank you