HMRC Admin 32 Response

Hi,

Self assessment will take priority over a PAYE calculation. Any PAYE calculation arising in a tax year where a tax return is required, will be withdrawn and the self assessment calculation taking precidence.  

You will need to contact our self assesment team, to have this issue checked out.

Self Assessment: general enquiries

Thank you.

Hi,

It is the purchase price.

Thank you.

Hi,

We can only provide general information and guidance in this forum. For an answer to a detailed question of this nature, you would need to contact our self assesment team

Self Assessment: general enquiries

Thank you.

Hi,

The fact that your Hong Kong personal allowance meant no tax was payable, the income was still taxable in Hong Kong, so should not be declared on your Self Assessment Tax return.

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Hi,

You just show the period that you need the certificate for and you are correct, its no to the last question.

Yes, you will need to submit a request each year if the income continues.

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Hi,

As you made a gain on one disposal, it is still a taxable gain. The losses to set against it are then reflected further on so that there is no gain and the balance of unused losses will be carried forward to be used at a later date.

Thank you.

Hi Soymoomoo,

Please refer to guidance below and in particular your residence status as this determines what happens.

Tax on your UK income if you live abroad

HMRC cannot comment on council tax and you will need to check with your local authority for this.

Thank you.

Hi,

Yes, you can set the losses from the disposal of the shares against the gain from the property.  

Please have a look the link below for some examples of how to calculate the gains and losses.  

CG21520 - Individuals: losses: Relief for losses: examples 1 to 5

Please also have a look at the self assessment guidance at:

Capital Gains Summary notes

Thank you.

Hi,

Yes, provided the loss and the gains are both in the same tax year. You can set the losses from the disposal of the shares against the gain from the property. CG21500 advises "Gains accruing to a person in a tax year may be chargeable to capital gains tax at different rates. Thus the tax effect of losses and the annual exempt amount set off against those gains can vary.

Subject to specific restrictions that may apply on the use of particular losses (see CG15800), allowable losses and the annual exempt amount can be deducted in the way that is most beneficial to the individual TCGA92/S1F.

Generally this will be against gains that are charged at the highest rate". 

CG21500 - Individuals: Losses: assessment

Please have a look the link below for some examples of how to calculate the gains and losses.  

CG21520 - Individuals: losses: Relief for losses: examples 1 to 5

Please also have a look at the self assessment guidance at:

Capital Gains Summary notes

Thank you.