HMRC Admin 5 Response

Hi Paschal Onyeneho

We would need to access your record to review this for you. You can contact HMRC at Income Tax: general enquiries

Thank you

Hi Benjamin Lyons

Please have a look at the guidance at TSEM9150, which provides background information on legal and beneficial ownership.

Thank you

Hi AMLF

We cannot comment on scenarios, we can only provide general information/guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on 0300 200 3310 or seek professional advice.

Thank you

Hi Bryan Mclaughlin

Your income was £29806.  Your personal allowance is applied against this sum, with the remainder taxed at 20%.  
Any amount of the basic rate band unused, is then applied against the lower rate of capital gains tax, with any remainder taxed at the upper rate of capital gains tax.

Thank you.

Hi AMLF

Furnished Holiday Lettings are treated as UK property businesses, so the 50/50 rule does not apply.  
TSEM9820 advises the FHL's can be split in the way the parties have agreed to split the profits amongst themselves.

Thank you
 

Hi

You are correct.  For your convenience, you simply take the income arising in the USA calendar year and apply that figure to the UK financial year.  
For example, if you had £20000 income from 1/01/23 to 31/12/23 in the USA  You would declare £20000 in the 2023 to 2024 tax year, as the end date 31/12/23, falls in the tax year ending 5 April 2024.

Thank you

Hi Mila

Article 22 of the tax treaty between the UK and USA at Uk/USA Double Taxation Agreement - 2002,
advises that as a resident of the USA, you will only be taxable in the USA on your UK self employment income.  
You do not need to complete a P85 or any other form, to report this income in the UK.

Thank you

Hi 

Under the arising basis of tax, you would declare the full amount of chargeable gain.  
If you are using the remittance basis, then you declare the amount remitted to the UK for tax purposes and also the amount not remitted.

Thank you

Hi 

You need to follow the UK rules for calculating capital gains tax.  
This allows you to claim private residence relief for the period the at the property was your main residence, plus an additional 9 months.  
If the total number of months the property was your main residence equals or exceeds the number of months you owned the property, then no UK capital gains tax is payable.  
As the property disposal was overseas, you still need to report the disposal in your tax return.

Thank you