Steven Moss

Hi Thank you for confirming, but if I declare it on the tax return it will create a tax charge on the basis of it being fully redeemed. As stated this is not the case as it has only been transferred. If i declare it on the tax return, is there an option on the return to reverse the tax charge? Thank you

Hi Metlife have issued me a chargeable event certificate even though the policy had not been redeemed. The policy was transferred between two pension management companies and has not been redeemed either in part or full. When I complete my tax return, because a chargeable event certificate has been issued i presume that HMRC would expect it to be declared on the return however this will trigger a tax charge. Can you please advise whether I should include this on my tax return and if there is a way to mark it exempt for tax purposes, as it has not been redeemed? Or as there hasn't actually been a chargeable event i should not include it on my tax return? Thank you

Hi These appears to be a grey area as I have been offered a leased salary sacrifice scheme electric car. Under this scheme I will be paying the lease via salary sacrifice via my monthly salary, but will suffer a benefit in kind charge as if it was a company car, which will be reported via P11d. So for reclaiming fuel, is this a company car and therefore the rate is 9p per mile? Or is it classified as my own car (as i am paying the lease) at use the 45p per mile charge? Can you please confirm? Thanks, 

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Hi Thank you for confirming, much appreciated and i will ensure it is declared as foreign interest going forward.

Just to add, I have reviewed HMRC's response to the forum post below which appears to be the same issue as mine and advises there is tax due on the annual drawdowns and should be declared as foreign interest, with the lump sum no tax due being that it forms part of the inheritance. https://community.hmrc.gov.uk/customerforums/pt/05fa1171-edc1-ed11-9ac4-00155d9771aa#5928749b-60c9-ed11-b595-0022484398b2 If you can please confirm this it would be much appreciated, Thank you

Hi Can you please advise as I would like to make sure that I am declaring and treating my Inherited IRA income correctly, as reading the forum I am seeing different answers. I inherited a Vanguard IRA when my father passed away and I have been declaring the mandatory drawdown once a year and detailing it as Foreign Pension Income on my tax return and paying tax at 20%. This was advice from my accountant at that time. 1) can you please confirm whether it should be declared as a Foreign Pension, or is this incorrect and it should be declared elsewhere? (I note someone was declaring it as Foreign interest) 2) Is this mandatory drawdown definitely taxable? 3) If I draw the full sum and close the account, is this taxable? As again i have seen different answers ont he forum. Thank you, 

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