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Thanks for your reply.
If I am a BC but not a UK resident at the time I passed away (e.g. I live outside UK), I hold non-UK listed shares (e.g. US shares) through a U.K brokerage firm or U.K bank. Will my non-UK listed shares held through a UK brokerage firm
1) considered to be UK-based assets or non-UK based assets?
2) subject to UK inheritance tax?
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I am a UK resident and I hold non-UK listed shares (e.g. US shares) through a U.K brokerage firm or U.K bank. When I passed away, will my non-UK listed shares held through a UK brokerage firm
1) considered to be UK-based assets or non-UK based assets?
2) subject to UK inheritance tax?
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So, no matter who deposited into the children account, once interest is generated (over £100) in the bank account, it has to be taxed. Given the mixed funds, is it that either parents (father or mother) can file the interest in children bank account in his/her tax reporting?
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I would like to ask what if the money is deposited from various sources such as parents, grandparents, relatives and friends over the past years. The fund would be mixed in the children bank account. When there is a withdrawal, it is impossible to know whether the withdrawal comes from parents, grandparents, relative or friends. Thus, when there is interest accrued in the children bank account during a tax year, say £300, how do we know whether it is related to the funds from parents, grandparents or others, and reported for tax accordingly? Please explain.
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I read the guidance. It counts on a tax year basis, each year, for interest amount earned from money given by a parent. Please further clarify that if during the year, I only gave £1000 into children which earns only £40 interest for that amount, and the children has an opening bank balance of £5000, which cumulated from past years from parents and earns £200 during the year, does it mean that the total interest £240 has to be taxed for the year or since, on tax year basis, only £1000 was injected, which earned £40 for that year, no tax is needed?
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I understand that if a child earns more than £100 in interest (in his/her bank savings account) in a single tax year from money given to them by a parent, that should be declared to HM Revenue and Customs. I would like to ask whether the interest arising from the money given by a parent counts on cumulative basis or tax year basis?
For example in 2023-24, a parent (Father) deposited £2000 into his child bank account, it earns £80 (assumed 4% interest rate), my understanding is no tax reporting is needed as it is below £100. If, in tax year 2024-25, the father further deposited £1000 into his child bank account, and by the end of 2024-25, the child earned £120 interest (the total bank balance is £3000 i.e. £2000 in 2023/24 and £1000 in 2024/25), does the father need to report £120 interest in tax year 2024/25? Or it only counts on the money deposited into the child in the tax year 2024/25 (i.e. £1000), which earns £40 interest only, and need not be reported to HMRC.
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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 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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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