HMRC Admin 5 Response

Hi Steve L

We can only provide general information/guidance in this forum.  
For an answer to a question of this nature, you would need to contact our self assesment helpline on 0300 200 3310, contact our webchat facility at Contact HMRC or seek professional advice.

Thank you

Hi

A traditional IRA, is not recognised in the UK as a pension schemee, but as a savings account and monies taken from the IRA is treated as interest arising from a savings account.  
The traditional IRA is taxable in the USA, since payments into the account receive tax relief given to the individual by the employer.  
This means that money taken out of the IRA, whether as regular payments or as a lump sum, is taxable in the UK and is reported as overseas interest in the foreign section of the tax return, when you are resident in the UK.  
In the foreign section of the self assessment tax return SA106, you declare the income from the IRA.  There is no US taxation if the pension is subject and liable to UK tax.
If US tax is withheld, then the individual, should seek a refund of this tax (file a form 1040NR).  HMRC will not give a credit for this tax against any UK tax charged on this income. 

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Hi PT Yu

Split year treatment is not automatically given.  You will need to review the guidance on split year treatment to determine that is available to you, based on your circumstances.  
If split year treatment does apply, you need to claim it through a self assessment tax return.  
If it does not apply, then you need to declare your world-wide income for the whole tax year in a self assessment tax return, where you have income or capital gains from overseas.

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Hi

No.  Tax relief is only available in the tax year in which the pension payment is made.  You cannot carry it back.

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Hi 1556849

Up to £30k of redundancy pay is tax-free. Any amount over this is classed as taxable income, and added to your Adjusted Net Income when calculating Child Benefit.
If your taxable income is over £60K in 23/24, you would be due to repay the full amount of Child Benefit received.
Other factors may affect your individual calculation, though - for more advice, contact our Child Benefit department on Child Benefit: general enquiries

Thank you
 

Hi

If your main home was your main residence for the whole time you owned it, private residence relief will cover any gain arising from the disposal, so capital gains tax would not be payable.  
Your ex-gf may have capital gains tax implications from giving you her 50% share of your rental property, as she has disposed of this asset.  
If you dispose of the property you may also have a capital gain.  If there is a gain, then she would have 60 days from the completion date to report and pay the capital gains.  
Have a look at Capital Gains Tax, for more information and a capital gains liability calculator.  

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Hi  Steve OConnor

Contact us by webchat or phone via Self Assessment: general enquiries - we can confirm the closure of your record, and give advice on the penalty received.

Thank you

 

Hi

If you were due to receive your payment in the 2003/04 tax year but that payment was inadvertantly delayed and only received in 04/05, the payment would still count towards your income in 03/04, and be taxable in that year. If you had deferred receiving your 03/04 payment until 04/05, it would be taxable in 04/05.

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Hi  tony_tony

This is correct.  Your employer has to follow the rules around the national minimum wage.  
By paying in 80% of your income into the pension scheme, you would not earn enought to meet the guidlines of the national minimum wage.  
Have a look at National Minimum Wage and National Living Wage rates.

Thank you