Shun

Dear HMRC Admin Team, I am writing to seek clarification regarding the Individual Savings Account (ISA) accumulate balance limit. I understand that there is no limit to the total amount of money that can be held within an ISA. However, I would like to confirm if there is a limit on the total cumulative balance that can be accumulated over multiple tax years. To illustrate my query, please consider the following scenario: Year 1: I contribute the maximum annual allowance of £20,000 to my ISA. Year 2: I continue to contribute the maximum annual allowance of £20,000. In this scenario, my total ISA balance at the end of Year 2 would be £40,000. 1. Is there a restriction on the total cumulative balance that can be held within an ISA over multiple tax years? 2. Additionally, I would like to know if it is necessary to withdraw the entire ISA balance and re-open a new ISA every year to avoid any potential limitations on the cumulative balance. Thank you for your time and assistance in clarifying this matter. I look forward to your prompt response. Sincerely,

Dear HMRC team, My family and I moved to the UK at the end of October 2021 via the BNO Visa. In June 2022, we sold our residential property in Hong Kong, where we had lived for around 14 years. The property was jointly owned by my wife and me, and it was our main residence throughout the time we owned it. We have now transferred the proceeds from the sale to a UK bank account. I would like to ask for clarification on the following: 1. Are we entitled to full Private Residence Relief (PRR) according to "HS283 Private Residence Relief (2023)"? The property was our only or main residence during the entire ownership period; We were not absent during the entire ownership period; The property was a 60 square metre flat with no garden or grounds; No part of the home was used exclusively for business purposes; 2. Do we need to report this sale, even if it qualifies for full PRR, and fill in the Self Assessment for capital gains (SA108) in this case? I would appreciate guidance from an HMRC Admin on how to proceed. Thank you.