HMRC Admin 32 Response

Hi Tarquin?25 Melia,

No. The realtime capital gains service (RTTCGT) is for UK gains arising from other types of asset, such as jewellery, paintings, antiques, coins and stamps and sets of things, eg matching vases or chessmen. It should not be used for foreign property.  

You will need to complete a Self Assessment Tax Return, to report the capital gains arising from the disposal of a Portuguese property. You will need to work out the gains, using the UK capital gains process.  

There is a calculator below to help you do this.  

Capital Gains Tax

A figure should be converted to pounds sterling, using an exchange rate applicable at the time. Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  

For your convenience, there are exchange rates at:

The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at:

The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009

You are free to use any of the supplied rates or one of your own choosing. 

Thank you.

Hi,

You would report in the year of bankruptcy.

Thank you.

Hi ABS ABS,

If your UK interest exceeds £10000, then you will need to report the interest in a self assessment tax return, even if no tax is payable.

Otherwise, in a letter to HMRC, with details of the banks and the amounts.

Thank you.

Hi Zsofo,

You can cancel the request, by contacting our webchat facility below, to advise my colleagues of the mistake.

Contact HMRC

You will need to submit a new certificate of residence request.  

The certificate of residence does not include any details of the income or an amount.

Thank you.

Hi,

Correct, US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than capital gains.

Thank you.

Hi,

Article 18(1) covers regular payments made at regular intervals from a non government pension. A resdient of Switzerland is only taxable on the UK pension in Switzerland, provided it is a regular payment at regular intervals. Paragraph 2 states that a lump sum payment from a UK pension, is taxable only in the UK.

Thank you.

Hi,

The form found below, is agreed by both countries as acceptable.  

Double Taxation: UK-France (SI 2009 Number 226) (Form France-Individual)

You will need to obtain a letter from the French Tax Authorities, confirming that they refuse to verify the completed form mentioned below, because it is not in French and send the letter to:

H.M. Revenue and Customs Pay As You Earn
BX9 1AS

This is so that our specialist team can liaise with the French tax authorities and work out an agreement.

Thank you.

Hi,

If the disposal value of the asset was over £49200, then yes, you will need to declare this gain, even when no tax is payable.

Thank you.

Hi,

In order to determine whether the lower rate of capital gains tax of 18% can be applied, your income tax liability needs to be calculated first.

The question is asking for your personal tax allowance (23/24 = £12570) that is set against your income, so that the rates of income tax can be applied once your personal allowance is deducted.  

If any of the basic rate band of tax is unused, this unused amount, can be applied to the lower rate of Capital Gains Tax, with any remaining gain, taxed at the higher rate of 28%. If all of the basic rate is utilised by your income, then there is no lower rate of Capital Gains Tax availble, then the higher rate of 28% is used.

Thank you.

Hi,

This answer can have numerous outcomes. Article 17(1) advises that pensions including lump sums and annuities, are taxable only in the country you are a resident of.

UK/ Australia Double Taxation Convention

The elimination of double taxation at article 22(2), states that if you are taxable in the UK and have already paid tax in Australia, you can claim a credit for the tax paid in Australia against the UK tax

If you are tax resident in Australia, in the tax year that the pension lump sum is paid and not the UK, then it is taxable in australia.  
If you are tax resident in the UK, in the tax year that the pension lump sum is paid and not the UK, then it is taxable in the UK.
If you are tax resident in Australia and the UK, in the tax year that the pension lump sum is paid then you can claim a tax credit in the UK against the tax paid in Australia.

Thank you.