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If I incurred a loss in trading listed shares or securities, when i filled in the "Capital Gains Tax Summary" (SA108), my understanding is to fill in the loss in box 27. If I wish to set off any gains from shares trading for the tax year,
1) should I fill in Box 28? If yes, what code to apply?
2) do I need to fill in Box 48 as well for the loss in shares trading?
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I read the HS321 and it seems that I only need to report the gain on foreign life insurance policies when surrender, matured, death, sold or was a personal portfolio bonds. As you said above, for the increase in policy value (while I still maintain the policy), I do not need to report until surrender or matured. BUT, you also said interest or dividends arising from the insurance policy has to be declared.
My understanding is that this year's Policy Value equals to "last year policy value" plus "any interest and dividends accrued during the year". If we have to declare interest and dividend for tax assessment each year, it will be double-taxed when the policy surrendered (as the policy value included past interests and dividends accrued). Can you please clarify whether those interests / dividend accrued (not withdrawn, remain in policy) has to report in self-assessment annually or wait until the policy surrender?
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I received my last income from my past employer in HK after I arrived UK. I am currently a UK tax resident My questions are:
1) Do I need to report this income as foreign income in my UK self-assessment?
2) Since this income arised from my past employment in HK, it should be subject to HK tax. Based on double tax treaty, it seems the HK income has no tax liability in the UK. So, if I report this income in the UK self assessment, can I claim any tax credit for this amount? if so, which form I have to fill in?
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I am a UK tax resident but hold a non-UK life and saving insurance policy. I have to pay a monthly insurance premium of US$300 and the policy will have a life cover of US$50,0000 (i.e. my beneficiary will receive US$50,000 when I passed away). I will receive an annual dividend and interest from the insurance company for this policy if I do not cancel / surrender the policy of about US$200 per annum. If I choose to surrender the policy, the insurance company will pay out the accrued dividend, interest and policy value (for example, surrender in 6 years, the policy value may have accrued to US$4000). In other words, if I surrender the policy (earlier than I passed away) at the end of 6 years, I will get US$5200 (US$4000 policy value PLUS 6 years of US$200 dividend & interest). My questions are:
1) For the dividend & interest accrued to me annually, do I need to include in tax filing and pay any UK tax (note: I have not withdrawn the dividend or interest)?
2) For the increase in policy value every year, do I need to report for UK tax? Will the increase in policy value induce any capital gain tax?
3) If I surrendered the insurance policy, do I need to pay UK tax? If yes, should the surrendered value to be deducted by the total premium paid to arrive at the capital gain for tax consideration?
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I am a tax resident in the UK and hold listed Chinese and US company shares. When I receive dividend payout from these China companies or US companies, they will charge withholding tax of 10% and 30% respectively. In other words, for every $100 dividend, withholding tax of $10 will be charged by China company and $30 charged by US company for their tax authorities.
1) Do I need to report the dividend income of $90 and $70 to HMRC for self assessment or tax return?
2) If yes for (1), can I claim any tax exemption for these reported income (total $160) as I have already been taxed in China and US? Any max amount of tax exemption?
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Is dividend payment of Unit trust made by way of extra unit, instead of cash, subject to U.K. tax? How to account for the value?
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This is not a pension. A private insurance plan that consists of life insurance and saving element. Lump sum payout will be made to owner when it reaches, say 10, 15 and 20 years. The life insurance portion will continue to enforce
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If I arrived U.K. in July this year and stayed here for more than 183 days, I presume to be a U.K. tax resident for the year 2022/23.
1) Would my salary earned, dividend received, investment gain between April and June in HK be subject to U.K. tax or tax free?
2) Do I need to report the items in (1) above in the U.K. tax return / self assessment?
3) Being a tax resident, am I only taxed for any income earned from the date I arrived U.K. or the whole year including the date before arrival (which is April to June)?
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I bought an insurance saving plan in HK for many years. If I become a U.K. tax resident, when I receive any payout of the HK insurance policy, either periodic payment as stated in the policy or money from surrender of policy, are these payment subject to any U.K. tax?
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If I am a U.K. tax resident, Gain on shares investment is subject to capital gain tax. Can my shares trading loss be set off with trading gain before paying capital gain tax?