HMRC Admin 2
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RE: Tax Relief on Charges on Savings Platforms
Hi,
No, these cannot be deducted from the interest.
Thank you. -
RE: Purchase Price for CGT
Hi,
The Private Resident Relief applies to her part of the gain.
HS283 Private Residence Relief (2023)
Thank you. -
RE: Higher Rate Tax Relief On Pension Contributions
Hi,
Yes. it is applied to anything over the basic rate band.
Thank you. -
RE: Double taxation Agreement
Hi,
Yes, it does.
Thank you.
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RE: CGT on foreign agricultural land
Hi,
As UK resident, you would be liable to Capital Gains Tax. The rate you pay is dependant on your overall income.
Capital Gains Tax rates and allowances
Thank you. -
RE: Foreign currency HMRC account filing issue
Hi,
You have a choice in how you calculate the exchange rate.
Under the terms of Self Assessment, we do not provide an official exchange rate and the responsibility is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
Thank you. -
RE: Withholding tax by US ETF
Hi,
You can find guidance here:
STSM101060 - Introduction to Collective Investment Schemes: Exchange Traded Fund - Overview
Thank you. -
RE: Junior Sipp Contributions - Higher Rate Payer Relief
Hi,
You cannot claim higher rate tax relief for pension contributions paid into a Junior SIPP.
Any higher rate tax relief will be based on the earnings of the child and can be claimed by them, not you.
Thank you. -
RE: Self employed & payments for other work outside of main business
Hi,
If the additional work relates to the same trade then you can include the income in your turnover.
If this is a different trade then you would insert as a second self employment source.
Thank you. -
RE: capital gains liability from house sale in Ireland
Hi,
You will need to work out if there is a UK Capital Gains Tax liability, using just and reasonable exchange rates in use at the time of acquisition and disposal, so that all aspects of the capital gains calculation are in pounds sterling.
If there is a gain, you will need to report this in a tax return for the tax year that the completion date of the disposal occurs.
You would declare the gain on SA108 and if foreign tax paid on the gain, you would declare the gain and foreign tax dedcuted on SA106. You will be able to claim a foreign tax credit of up to 100% of the foreign tax paid.
You can use the Capital Gains Tax caculator to help you work out if there is a gain.
Tax when you sell property
Thank you.