HMRC Admin 5 Response

Hi

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications (How Inheritance Tax works: thresholds, rules and allowances and Inheritance Tax: general enquiries).  You may also want to review the guidance at (How Inheritance Tax works: thresholds, rules and allowances). 

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Hi Smircat1

They are slighlty different, and you are correct in that AIA is not available. You can opt for written down - Work out your writing down allowances

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Hi

The Banks will notify HMRC about the amount of Bank Interest you receive.  
You can also write to HMRC with full details of the Bank Interest recieved during 2023/2024 - a full review will then be carried out and you will be informed if you owe any tax.  
HMRC PAYE & Self Assessment,
BX9 1AS.  
Please also refer to the following guidance -  Tax on savings interest

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Hi

HMRC cannot comment on future events as legislation and/or plans may change. for current guidance please refer to Tax on your UK income if you live abroad

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Hi Lydgate23

Yes as joint owner and havent lived in the property, you are liable for capital gains on your share. you will need to obtain a value from 2015 when your mother passed and this will be your purchase price.
What your father does with his share of any profit is up to him and no CGT is due on him. there is no tax due on the giving of a cash gift.

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Hi

I cannot find your original question. However, all the funds in a cash ISA should be earning interest. Any doubts on this should be taken up with your provider.

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Hi 

Your residence is for your to determine - RDR3 Statutory Residence Test. both countries may tax you for capital gains but you can claim a credit to reduce the tax bill in the country you are tax resident

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Hi Peter H

HMRC does not regard IRAs as pensions.  They are treated as investment accounts and attract interest.  Both periodic withdrawals and lump sums are treated as interest and taxed as such, in the foreign interest section of SA106.  
You can claim a foreign tax credit of up to 100% of the foreign tax paid.

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Hi k choco

You’ll need Helpsheet 304, ‘Non-residents – relief under double taxation agreements’ to help you fill in this box. You’ll also need to complete and send in the appropriate claim form included in the 
helpsheet - Non-residents tax relief under double taxation agreements (Self Assessment helpsheet HS304)

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