HMRC Admin 32 Response

Hi,

You will need to contact our Self Assessment team.

Self Assessment tax returns

Click on the digital assistant option and when on, ask to speak to an adviser.

Thank you.

Hi,

Yes, you need to include it on the tax return. This does not mean you are being charged twice.

Thank you.

Hi,

Guidance is available at:

HS284 Shares and Capital Gains Tax (2023): How to identify the shares disposed of

CG51560 - Share identification rules for capital gains tax from 6.4.2008: the “same day” and “bed and breakfast” identification rules

Thank you.

Hi John,

There is no tax implications on the giving or receiving of cash gifts. Any interest that the gifts generate once in your posession, are taxable and should be declared. If the transactions are from bank to bank, then the banks will be monitoring the transactions, to ensure there is no money laundering or other concerns.

Thank you.

Hi jppearson,

You may have Capital Gains Tax to pay in the UK on the disposal of the property. You will need to work out if a capital gain arises from the property disposal. To do this, you will need to convert all aspects of the acquisition and disposal, including axquisition and disposal costs, as well as claiming private residence relief.  

Have a look at:

HS283 Private Residence Relief (2023)

Capital Gains Tax

There is a calculator to help you work out if there is tax to pay. If there is, you will need to report it in a Self Assessment Tax Return, on SA108 and SA106, if you have paid foreign tax on the property disposal.  

This will allow you to claim a credit for up to 100% of the foreign tax paid.

Thank you.

Hi,

For an answer to a detailed question of this nature, you would need to contact our self assesment team using the link below or seek professional advice.

Self Assessment: general enquiries

Thank you.

Hi,

Please use the tool below, to confirm whether a tax return is required, in case something you may not have mentioned, confirms a return is required.

Check if you need to send a Self Assessment tax return

Thank you.

Hi,

The fact that the business asset is now disolved does not implact your NVC. You have not disposed of the asset. Simply note in the additional information field that the company was disolved on 13 September 2022 and include any ref numbers etc, to support.

Thank you.

Hi,

It would normally be the person who owns the property unless HMRC have been notified of an alternative beneficial ownership.

Thank you.

Hi Trisha,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.

These would then potentially be subject to tax.

Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.