HMRC Admin 5 Response

Hi MrMe

Please refer to additional guidance at EIM75550 - The taxation of pension income: lump sums from foreign pension schemes

Thank you

Hi

This is employment under PAYE and you would declare this on your Self Assessment tax return as this.
You show both the gross income received and tax paid as your employer will give you a P60 if you are employed at 5/4 or a P45 if you leave part way thorugh the tax year.

Thank you

Hi Bob Williams

For your scenario it is only the joint account information that would be taken into consideration. As it is joint, it doesn't matter who sells the shares as you would both be accountable for 50% each of any income/expenses associated with the account. If you were then to sell any shares from your own account, you would declare 100% of any income/expenses.

Thank you

Hi Keith Bull

That's right - if you receive savings income of £10,000 or over, a Self Assessment return is required.
You can complete your 23/24 return from the 6th of April 2024, with the deadline for paper returns being 31st of October 2024, and online returns due by 31st of January 2025.

Thank you

Hi taxhelpsought

It depends on the date of divorce and when the assets  are transferred -  
Please see CG22423 - Transfer of assets: between spouses or between civil partners: separation, divorce or dissolution: date of disposal where asset is transferred under a Court Order
and CG65315 - Private residence relief: separation, divorce or dissolution of civil partnership: computation of gains

Thank yoou

Hi

As the activation code is being sent to you in Hong Kong it will take longer to arrive.
If you do not receive in time to file by the due date and a late filing penalty is charged, then, you can appeal the penalty once the notice is received
Check when to appeal a Self Assessment penalty for late filing or late payment. 

Thank you

Hi

You can calculate your capital gain arising from the disposal of the property, when you have completed the sale, as the sale may fall through before that date.  
Capital Gains Tax liability arises in the tax year that the completion of the disposal occurs.  
Any early payments, such as deposits are chargeable to Capital Gains Tax, as part of the disposal value in the tax year of completion.

Thank you
 

Hi Tarquin?25 Melia

If you are UK resident and are required to complete a self assessment tax return, you are required to declare your world wide income and capital gains, in the tax return.  
This includes the disposal of your overseas property.

Thank you

Hi

There is no tax for you to pay on the receipt of the gift.  
Many cryptoassets (such as bitcoin) are traded on exchanges which do not use pound sterling, so the value of any gain or loss must be converted into pound sterling  in order to give it a value.
As you are doing this to release the funds and not actually trading, no CGT will be due if the value is the same. For proof you would need to send something in writing from the person who is making the gift

Thank you

Hi 

The balancing payment from your 2022/23 Self Assessment of £2000 would still be collected in the 2024/25 tax code.
The underpayment being collected in your 2023/24 tax code is for the estimated property income included for 2023/24.
If you do not want the property income included in your tax code you can contact HMRC to remove Self Assessment: general enquiries

Thank you