HMRC Admin 5
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RE: declaration of tax residency status
Hi schangh
No, this is not a family tie.
Thank you
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RE: Cash gift from a parent (mother) abroad
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
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RE: Tax on the Energy Bill Support Scheme
Hi
No, you dont include this anywhere as it is not taxable.
Thank you -
RE: Foreign Tax Credit Relief reduced to maximum allowable
Hi
You would need to review the guidance of the tax treaties between the UK and each of the countries in question.
There is generally an article relating to 'Artistes and Athletes/Sportsmen' please see:
Tax treaties
Where tax is payable in the other countries, then up to 100% of the foreign tax paid can be claimed as a tax credit in a self assessment tax return.
The credit for overseas tax paid, cannot be more than the tax payable in the UK. As your example states he is only able to claim enough to cover the UK tax liability.
Thank you -
RE: Filling for a past year tax return
Hi
If you have the need to file a 21/22 tax return, yes you can still file it.
However, you will likely be charged a penalty for failing to tell HMRC that it was required.
Thank you -
RE: SIPP Drawdown Income and Pension Income
Hi
It will be under UK pensions.
Thank you -
RE: How to calculate CGT on overseas property
Hi
You will need to contact an estate agent to get valuations of similar properties that were sold at the same time the property was gifted to you.
All amounts must be converted to sterling to work out the gain and it will be in your 2023/24 tax return, due by 31/1/25.
Thank you -
RE: Foreign income
Hi sandey2k
You should have received some certificate from the providers upon liquidation and the gains declared in a self assessment tax return.
Child benefit is charged against the highest earner in the house-hold, so this could be you with the additional income.
Any income above £60000, means that 100% of the Child Benefit must be repaid. (You repay 1% child benefit for every £100 above £50000).
Thank you -
RE: Self assessment - queries on saving interests and foreign income
Hi
The UK / Hong Kong tax treaty allows for employment income arising in Hong Kong, when you were resident there, to be only taxable there.
So this income should not be declared (you can show it in box 19 of SA100, as a freehand note). Interest in Hong Kong that arises while you were not resident in the UK, is not taxable in the UK.
All overseas interest arising while resident in the UK, is taxable in the UK, so should be declared on a self assessment tax return.
A self assessment tax return should declare your 'world-wide' income, so strictly speaking, this is why you would declare non UK taxable income as a freehand note, so that it is not included in any calculations.
If the stock that was disposed of is from overseas, then yes it will need to be declared in a tax return. Article 17 of the UK/Hong Kong double taxation agreement advises:
"Pensions and other similar remuneration (including a lump sum payment) arising in a Contracting Party and paid to a resident of the other Contracting Party in consideration of past employment or self-employment and social security pensions
shall be taxable only in the first-mentioned Party".
This would include mandatory Provident funds (MPF) Occupational Retirement Scheme Ordinance (ORSO).
Please see UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL
Thank you -
RE: Claiming relief on US self-employment income tax due to different tax year
Hi
Please refer to DT19851, which provides a comprehensive list of US taxes (both federal and state) that are admissible (and non-admissible) for Foreign Tax Credit Relief under the terms of the UK/USA Double Taxation agreement. DT19851 - Double Taxation Relief Manual: Guidance by country: United States of America: Admissible taxes
Thank you