HMRC Admin 5 Response

Hi 

Savings and inheritances that were acquired by individuals in tax years, while not resident in the UK, will be treated as capital and not taxed when brought to the UK.  
We cannot say whether a national insurance number is required, as there may be requirements for one outside the realms of income tax. You may wish to seek advice from the NIC helpline on 0300 200 3500.

Thank you

Hi Dom Buchan


Every tax treaty that the UK has with another country, is reciprocal, so the contracting state can be either the UK or Ireland, depending on the individual's circumstances.  
Article 15 states "(1) Subject to the provisions of Article 17 and 18, salaries, wages and other similar remuneration derived by a resident of a Contracting State in respect of an employment shall be taxable only in that State unless the employment is exercised in the other Contracting State.
If the employment is so exercised, such remuneration as is derived therefrom may be taxed in that other State".  
It often makes more sense when you replace 'contracting state' with UK and 'other conracting state' with Ireland or vice versa.

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Hi Kathubb

Expenses of a trade are set against the income of that trade in the same year in which they were incurred - which can result in losses arising.  
The expenses themselves cannot be carried forward. Under the Cash Basis rules, the losses can only be relieved against later profits of the same trade (BIM70005).
Expenses incurred within a period of seven years prior to the commencement of the trade can be allowed providing they meet the criteria at BIM46351 – but only in the first year of assessment in which the trade is first carried on (BIM46355).

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Hi 

There is no capital gains tax liability on the transfer of assets between spouses and civil partners.  As you transferred the shares to your un-married partner, you will be subject to capital gains tax on their disposal.  
You would need to obtain the market value of the shares when you disposed of them to your partner.  
You would deduct from this, you acquisition costs such as buying cost and broker fees and yoru disposal costs such as brokers fees.  If the remainder is a positive number, there is a gain chargeable to tax.  
If you have not used your annual exempt allowance, this can be set against the gain.  If there is a positive figure, you have capital gains tax to pay.  
You either report and pay this tax using the realtime capital gains service (RTTCGT) at Report and pay your Capital Gains Tax, before 31 December after the tax year ended or in a self assessment tax return.

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Hi

Higher rate tax relief is available on the unused allowance from the last 3 year added to the maximum tax free allowance in the tax year.  
Tax returns can be amended for up to two years after the due date of the tax return, eg. 22/23 tax return due 31/01/23, so can be amended up to 31/01/25.  
For the two previous tax year, an overpayment relief claim (OPR) can be submitted in writing, using the guidance at SACM12150 (SACM12150 - Overpayment relief: Form of claims).  
Please note that an OPR claim for 2019 to 2020 must be in HMRC possession no latge than 5 April 2024.  Any claims for 19/20 received after that date, will be out of date and rejected.

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Hi

Under the terms of the double taxation agreement, payment for work carried out on Hong Kong soil is only taxable there. You do not declare it if you complete a tax return but will make reference to it in the comments section.

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Hi

Please refer to guidance at -Personal Allowances: adjusted net income

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