ACTS

Hi HMRC Admin, Thank you for your reply. Noted I have to convert an overseas currency to pounds sterling when declare in self assessment. Coud you please reply to my question (below) for when do I have to declare the capital gain from the foreign currency exchange: From HMRC web site and the forum mentioned that if the foreign currency is exchanged in foreign currency bank account, such debts will not give rise to chargeable gains (or allowable losses). Does it mean when I convert the fund from GBP to USD to GBP in foreign currency bank account, such as HSBC, Llodys, the gain will not be charged for any CGT? Is my understanding correct? Could you please help to advise if I exchange the foreign currency via Interactive brokers (U.K) limited account, is the gain also not charged for CGT? Thank you!

Hi HMRC Admin, Thank you for your reply. But it seems that the reply is not for my inquiry. I am looking forward to receiving your reply about my inquiry. Thank you!

Hi HMRC Admin, After studied the example 2 of SAIM4130 - Accrued Income Scheme: calculating accrued income profits and losses: Taxation of accrued income profits and losses. I am not sure whether my understanding is correct. I tried to write what I understand below. Please correct me if it is not correct. Thank you! "For Treasury Bond, when the chargeable income be declared depends on the tax year in which the next interest period ended, even though some of the transactions occurred in last tax year. Above chargeable income mentioned does not only include the interest from any accrued interest or coupon interest from the Treasury Bond, but also the capital gain/loss from any buy or sell transactions of the Treasury Bond. That means if the transaction of the Treasury Bond was on 30 Dec 2022, if it's interest period ended in 15 May 2023, then the gain/loss from this transaction, and also the accrued interest should be declared in 2023-2024 tax year, instead of 2022-2023." Is my understanding correct? Thank you

Hi HMRC Admin, I am confusing after read this chain of thread. It is clear that if the foreign interest or the foreign dividends is more than £2000, fill in the SA106 page F2. Do not need to report them in SA100 page TR3. However, I am confusing on below statements which I summarized from this thread: 1) If the foreign interest and dividends are NOT from UK banks and building societies (for example, they are in a foreign account), then you would complete the SA106 and enter the savings income on page F2, even though the amount is less than £2000. 2) If the foreign interest or the foreign dividends is less than £2000, no matter it is from either UK banks or non-UK banks, they should be reported in SA100 TR3 and do not need to fill in SA106 F2. Could you please advise which statement is correct? I have another question, it is: I refer to Admin 32's reply above, noted that “…An individual with overseas income or gains would do this by completing a Self Assessment Tax Return, no matter how small the amount of overseas income or gains and even if no tax is payable…” My case is that I have foreign dividend net £0.32 and paid £0.09 tax for this foreign dividend. However, in the online form, it does not allow me to fill the decimal place value into neither box 6 and box 7 on SA100 TR3 nor F2 on SA106. In this case, how do I declare this foreign dividend and the tax paid? Many thanks

Hi HMRC Admin, Thank you for your advice. The refund is due to I have paid too much tax from my wages. In this case, what amount should I fill in Box 2 of SA102? 1) The amount under “Tax deducted” in P60? OR 2) The amount under “Tax deducted” in P60 minus the amount of tax refund? Thank you!

Hi HMRC Admin, I got the income tax refund in Aug. Now I am filling the SA102 for tax return. For Box 2 : “UK tax taken off pay in box 1”, which one should I fill in: 1) The amount under “Tax deducted” in P60? OR 2) The amount under “Tax deducted” in P60 minus the amount of tax refund? Thank you! ACTS

Hi HMRC Admin, I have a similar situation with KN and derek_er Chan above. After read above Q&A, I still have some questions. Hope you can give some advice to me. I have foreign employment income around £2300 which do not need claiming any Foreign Tax Credit Relief. Summarized your replies above, I should do below steps: - Fill in SA102 - box 1 put the amount - box 2 about taxed paid, leave it empty - box 3 about tip or other payment no in P60, leave it empty - box 4 about PAYE tax reference no., leave it empty - box 5 put foreign employer name - Put details in the additional information section on the SA100 Page TR 7 that to confirm the employment declared on SA102 is a foreign employer. - Fill in SA106 as well (since the amount is more than £2000) Could you confirm whether my understanding is correct? If not, could you please help to correct me? Thanks. Two more questions are: 1) When filling SA102 Box 4, system does not allow me to leave in blank. In this case, what should I fill in as foreign employment income do not have any PAYE tax reference no. Should I fill 000/00000 instead? 2) Which box should I fill the foreign employment income £2200 in SA106? I read the SA106 and the note many times but still cannot find the right box to fill, since all the boxes are for claiming tax credit relief. Thank you! 

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Hi HMRC Admin, Thank you for your reply. I have read CG78300P and all the sections under CG78300P. However, I could not find the suitable information to solve my question above. It is much appreciated if you could give more advice on my question. Many thanks ACTS

Hi HMRC Admin, Thank you for your reply. I have one more question: HMRC web site and the forum mentioned that if the foreign currency is exchanged in foreign currency bank account, such debts will not give rise to chargeable gains (or allowable losses). Does it mean when I convert the fund from GBP to USD to GBP in foreign currency bank account, such as HSBC, Llodys, the gain will not be charged for any CGT? Is my understanding correct? Could you please help to advise if I exchange the foreign currency in Interactive broker account, is the gain also not charged for CGT? Thank you! ACTS

Hi HMRC Admin, Could you please help to advise that are the saving interest and the bond interest from HSBC Expat account and Interactive Brokers (U.K.) Limited account treated as foreign income? or UK income? Thanks ACTS