HMRC Admin 32 Response

Hi,

Gifting the bonds to your mother, may mean that you have a capital gains liability arising from their disposal. You would need to obtain their market value at the time of gifting them to your mother and deducting your allowable costs (eg. acquisition costs, brokers fees for acquistion and disposal). This gain can be further reduced by deducting the annual exempt allowance.  

Any remaining gain is subject to tax and should either be declared using the capital gains realtime transaction service below or in a self assessment tax return.  

Report and pay your Capital Gains Tax

Your mother would be liable to declare the dividneds arising from these share, as she is now their benficial owner.

You could write to belowadvising the shares belong to your mother, who should declare them to HMRC.

Thank you.

Hi,

The payment made by your employer into your pension scheme, does not count towards the pension threshold. If your employer has deducted £45500 from your salary to pay into your pension scheme, before they calculate your tax liability, then you are recieving tax relief a source on this pension payment, so no further relief is due on it.  
You would have the balance left out of the £60000 threshold after paying £45500, to allow you to pay more to your pension and claim tax relief for that payment.
Thank you.

Hi,

Our expertise lies only with UK tax implications.  You would need to check this with the IRS or a financial adviser. The UK has the right to tax them, as you are resident in the UK. If you are also taxable in the USA, you should claim a tax credit for UK tax paid, so that you do not pay the same tax twice.

Thank you.

Hi riclhy
If you are not UK resident but have income from UK savings and investments, chargeable events or PPI interest of £10000 or more, then a tax return is required. As there are other sources of UK income that mean a tax return is required, you should check your personal circumstances by completing the self assessment criteria tool at: Check if you need to send a Self Assessment tax return

Thank you.