HMRC Admin 5 Response

Hi 

Foreign gains from Deeply Dicounted Securities are declared in box 41 of SA106 and claim a Foreign Tax Credit Relief (FTCR) in box 2.  
Boxes 44 and 45 relate soley to gains from foreign life insurance policies, so for you bonds, you would not complete them.

Thank you

Hi Lyndsey Longden

You can either claim the £1000 trading allowance or expenses, but not both.  
You will declare your gross turnover, your expenses or claim the trading income allowance of £1000.  What's left is then your net profit and is taxable.  
Please take a look at a paper SA103S, which can be downloaded at Self Assessment: self-employment (short) (SA103S) and the notes that go with it.  
Please also have a look at HS222 How to calculate your taxable profits (2024), which advises how to calculate your taxable profits.

Thank you

Hi 

A State Pension is a UK National Insurance benefit and is taxable, but usually paid without deduction of tax.  
To ensue that it is not taxable, please download and complete the DT individual form at Double Taxation: Treaty Relief (Form DT-Individual) and send the signed and dated form to the Singapore tax office for validation.  
They will return the validated form to you, so that you can send it to HMRC at the address on the front page of the form.

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Hi

You will need to review the guidance on residence at RDR3 and take the statutory residence tests, to determine your tax residence position.  
The UK/Hong Kong tax treaty (Hong Kong: tax treaties) advises that if you were resident in Hong Kong when you earned your employment income, it is taxable there.  
If the residence test confirm that you need to declare the foreign income in your tax return, you can claim up to 100% of the foreign tax paid as a credit in the tax return.

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Hi 

A capital gain is calculated with the acquisition costs deducted from the disposal value.  The methods used to acquire the property, such as BTL mortgage or releasing equity does not affect the capital gains calculation.  
Please have a look at the guidance on calculating private residence relief at HS283 (HS283 Private Residence Relief (2024)).  
There is a capital gains tax calculator at Tax when you sell property, to help you work out your gain.  
You can also register, report and pay capital gains tax from What you pay it on.

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Hi David Spencer

We cannot comment on scenarios in this forum or provide financial advice.  
Payments made to a pension scheme are deducted when calculating the net relevant earnings.  Please have a look at PTM044220 - Contributions: tax relief for members: methods: relief at source for more information.

Thank you

Hi hmcore123

If the contents of your bank account are from sources of income that arose in tax years where you were not resident in the UK, then those contents are not taxable in the UK, should you chose to bring them to the UK.  
HMRC does not have any restrictions on the amount you can bring into the UK.

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Hi 

Your private residence relief would be calculated as 129/336 * the gain of £150k.  This figure would be deducted from the gain to determine how much is taxable.  
The lower rate of capital gains tax on residential property is 18%.  To determine if any of the lower rate is available, we need to calculate your income tax liability first.  
If any of the basic rate band is unused when calculating your income tax liability, then this unused amount can be set against the lower rate of capital gains, with any remaining gain taxed at the higher rate of capital gains (28% up to 2023 to 2024 and 24% from 2024 to 20245 onwards.

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Hi 

No.  There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax. Further guidance can be found here (Tax on savings interest and Tax on dividends).

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Hi Rafal GORECZNY

Gains arising from Contract For Difference (CFDs) are subject to Capital Gains Tax.  
Gains / losses will be declared in the 'listed shares and securities' section of the self assessment tax return.  Boxes 23 to 30 on SA108.  
Have a look at CFM50380 - Derivative contracts: relevant contracts: contracts for differences for more information.

Thank you