HMRC Admin 2
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RE: Singapore Resident receiving royalties via UK Performing Rights Org
Hi,
Under the terms of the treaty with Singapore, this income may be taxable in both countries.
You can find guidance here:
Singapore: tax treaties
Tax on your UK income if you live abroad
Thank you. -
RE: Capital gains on bond funds and ETFs: taxed as income or capita gain?
Hi,
When it comes to Capital Gains Tax (CGT), UK domiciled ETFs are treated the same way as other investments like stocks and shares. Gains from the sale of these ETFs are subject to CGT, provided they exceed the annual exemption limit.
Dividends and interest distributions from UK domiciled ETFs are also subject to Income Tax, with different rates depending on the investor’s tax bracket.
Thank you. -
RE: Singapore Resident
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RE: Setting up bank account/dual tax residency
Hi,
HMRC cannot advise you on your residence as this is for you to determine based on the guidance here:
RDR3 Statutory Residence Test
For any questions on completing the bank form, you would need to discuss with your bank.
Thank you. -
RE: SIPP contributions after retirement
Hi,
You are correct. The tax relief threshold in the current tax year is the lower of your total employment income or £60000. Where there is no employment income in a tax year, the the threshold is reduced to £3600.00.
Any payment into your pension scheme above the relevant threshold, does not qualify for tax relief and should be declared on a Self Assessment tax return.
Thank you. -
RE: Fixed Isa
Hi,
You cannot carry forward any of the unused ISA limit to a future tax year. Each tax year, you receive a new £20000 theshold.
Thank you. -
RE: Child Trust Fund
Hi,
You can find guidance here:
Child Trust Fund
You can also write to:
Charities, Savings and International 1
HMRC
BX9 1AU
Thank you.
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RE: ISA Transfers and new ISAs
Hi,
As you have opened two ISAs of the same type in the same tax year, you will need to contact your ISA providers and decide which ISA to close.
The maximum you can deposit in ISAs is £20000 each year. Any interest arising in the ISA that is closed, will be taxable.
Individual Savings Accounts (ISAs)
Thank you. -
RE: Foreign Income
Hi,
Article 6 of the tax treaty that exists between the UK and Italy allows the country where the property is located, the right to tax income and capital gains arising from the property. The treaty also allows the UK to tax the income and gains as well, but only after Italy.
UK/Italy double taxation convention
As a UK resident, you would be required to register for Self Assessment and declare the gross rental income and expenses incurred in a tax return (SA100) and on supplementary page SA106.
Check how to register for Self Assessment
You can claim a tax credit of up to 100% of the tax paid in Italy against the property, so that you do not have to pay the same tax twice (double taxation).
Thank you. -
RE: Personal Savings Allowance - edge case clarification
Hi,
HMRC cannot tell you how much to pay into your pension scheme.
You may wish to seek professional advice.
Thank you.