HMRC Admin 32 Response
-
RE: Cgt when selling French assets that are tax free in France
Hi,
Unfortunately, we are unable to comment on tax matters relating to France. In the UK, there is no capital gains tax liability from the transfer of assets between spouses and civil partners and the gains from disposals of assets can be split 50:50.
Thank you. -
RE: Premium of foreign life insurance policy paid by family
Hi,
There is no tax liability in the UK on the payments to your life insurance policy. When the overseas policies mature or are redeemed, you will be given a chargeable event certificate, which will mean that you will need to complete a Self Assessment Tax Return online, declaring the gain in the foreign section.
Where more that one policy martures or is redeemed in the same tax year, you cannot submit an online tax return. Instead you will need to delcare on a paper tax return (SA100, Sa106), as HMRC will have to work out the tax due to be paid.
Thank you. -
RE: Help re capital gains tax AND savings interest
Hi,
We cannot commment on your calculations or provide financial advice. Income tax liability is calculated before capital gains liability is calculated. The more of the basic rate band that the income uses, the less of the lower rate of capital gains is available, increasing the amount taxed at the higher rate of capital gains. You will need to add up all of your income, from employments, self employments, interest, dividends and so on, to work out how much is taxed at 20%. Any of the basic rate band unused, can be applies as the lower rate of capital gains.
You can report and pay the capital gains online using the link below or by completing a Self Assessment Tax Return.
Report and pay your Capital Gains Tax
Thank you. -
RE: Where to enter foreign income on the self assessment tax return
Hi,
The self employed overseas income, should be converted to sterling and declared in the profits of the self employment section. If overseas tax was deducted, you should also declare on the foreign section, otherwise there is no need to declare in the foreign section. The income declared on the foreign section is not used to calculate the tax liability, but the tax paid can be claimed as a credit against UK tax liability. Although you are reporting theincome in two places you are not being taxed twice on the income shown in the self employment section.
Thank you. -
RE: RSUs and ESPP
Hi Harley,
There is nothing in the UK, as these are US taxes and we cannot advise you on how US tax works.
Thank you. -
RE: Carrying forward CGT loss
Hi Jim,
In the listed shares section of the capital gains part of the online tax return, you enter the number of disposals, the disposal proceeds, the allowable costs, gains in the year (before losses) and then losses in the year.
You do not need to itemise each of the disposal, instead enter summary figures. You can attach a pdf file further on in the tax return showing each of the transacions to support your summary figures. Each box has a blue triangle, click on this for additional information.
Thank you. -
RE: Payment on account and overpayment in previous tax years
Hi,
The overpayment from a tax return, can be set against an existing liability, leaving a credit that can be set against a future liability, when the due date arises.
Thank you. -
RE: Inquiry about the Capital Loss report: For which tax year does it apply?
Hi,
For an answer to a personal question of this nature, you would need to contact our self assesment team either by telephone or webchat.
Self Assessment: general enquiries
Thank you. -
RE: Transfer of investment mutual funds from my solo account to a joint account with my wife
Hi,
Foreign trust income is declared on a paper tax return SA1107, along with a paper SA100 or if you have a government gateway user ID and password, you can choose between submitting a paper tax return and buying a commercial tax return that supports trust income. You cannot use HMRC online tax return, as it does not support trust income. You can find a list of commercial suppliers at:
Self Assessment commercial software suppliers
You ar required to submit the tax return in its entirety in the same format.
The Self Assessment Tax Return is used to declare world-wide income, so your wife would declare her employment income, UK interest and dividends and foreign sources of income.
There are supplementary pages for self assessment that cover, employment, self employment, partnerships, income from property, foreign income and gains, UK and foreign trusts, capital gains and residence.
The money you earn from the Hong Kong stock market is likely to be a capital gain. This would be reported on SA108 and if foreign tax paid, SA106.
Thank you. -
RE: how can i remove an agent from my personal government gateway account,