HMRC Admin 5 Response

Hi

This would be an improvement as it has not replaced like for like and as such is a capital cost.

Thank you

Hi

This is a pension for tax purposes.
The guidance at DT4617, advises that 'Where a UK resident makes a lump sum withdrawal from a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Funds (RRIF), Canada imposes a 25 per cent withholding tax'. (DT4617 - Double Taxation Relief Manual: Guidance by country: Canada: Withdrawals from Canadian RRSPs/RRIFs).  
No tax credit relief is allowable, which means that the full lumpsum is taxable in both Canada and the UK.  
You can, however, claim a foreign tax credit relief of up to 100% of the foreign tax deducted, against your Uk tax liability. 

Thank you

Hi Crsdai7

PAYE income is taxable in the year it is paid so the PILON will be assessable in 23/24 and you cannot claim this in 24/25.

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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). 

Thank you

Hi Skinny

SA106  
1.  The amount of the Chargeable Event should be entered at box.43.  
2.  If no Certifcate was received, you can mention this at Page 7 in the SA100.  
3.  The number of years represents the number of years the policy was in force.  
4.  This represents the tax paid on the Chargeable Event - as a Foreign Chargeable Event, it is likely that this entry would be NIL.  
Please also refer to the following further Guidance - HS321 Gains on foreign life insurance policies (2024) and Foreign notes (2023-24)

Thank you

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

Thank you

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

Thank you

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.

Thank you