HMRC Admin 5
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RE: Report capital gains if under personal allowance
Hi
If you are UK resident you dont need to report the gain if no tax is due. Please note, you cannot use your personal allowance against this - there is an annual exempt amount of £6000 for 23/24 and this reduces to £3000 for 24/25. if your gain is above this then you need to report it.
Thank you -
RE: Surplus income definition
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RE: Self assessment for 2021/2022
Hi
Please have a look at File your Self Assessment tax return online. You will be able to download and print off paper tax returns (SA100) and supplementary pages such as residence (SA109).
The address to send the completed tax return to, is on the front page of the tax return.
Thank you
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RE: Child Trust Fund
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RE: Foreign Income for a BNO Visa Holder
Hi
This depends on whether they are claiming remittance basis or not - please refer to Remittance basis 2022 (HS264)
Thank you -
RE: Income from property and saving interests
Hi
You will be a higher rate taxpayer, so your interest tax free threshold would be £500.00, with the rest taxed at 40%, as shown in your calculation.
Thank you -
RE: Accidental ISA Exceed - next steps?
Hi David Preston
Yes HMRC will contact you in due course to advise of any action required.
Thank you
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RE: On maturity, can I split and transfer a single existing cash ISA into more than one cash ISA?
Hi
The maximum you can invest in a new ISA would still be £20000 per year (Individual Savings Accounts (ISAs)). You may wish to check with your ISA provider.
Thank you -
RE: Change in minimum pension age
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RE: Vesting Equity & Tax
Hi
Income tax is calculated using the 'arising basis'. This means income is taxed in the year that it arises, so your partner would be taxed on the income he receives, as it arises.
Thank you