HMRC Admin 32 Response

Hi,

As this is a house, it is not a cash gift. If your father is paying rent you will need to declare this. You may be liable to capital gains if and when the property is sold.

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.

Hi,

It depends on the actual disposal. if this exceeded £49300, yes you need to file a return. if not, you can write in with details, within 4 years, so that the loss is noted so that it can be used at a future date.

Thank you.

Hi,

No. You need to complete the trust page along with the SA100. You will need to purchase 3rd party software to file.

Self Assessment commercial software suppliers

Thank you.

Hi,

As its a negative, there is nothing to report and you cannot claim any losses to set against other income or carry forward.

Thank you.

Hi,

1. If it doesnt meet the condition below, then yes its tax exempt.
   
   BIM65151 - Research grants and fellowships: overview
    
2. That is correct.

Thank you.

Hi RJ1991,

Yes, you still need to register as self employed and then tailor your return in 2023 to 2024 to include the both sources of income.

Thank you.

Hi,

This would need to be looked at based on fact and you would need to write in with details.

Thank you.

Hi,

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications.

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries

Thank you.

Hi,

You may have Capital Gains Tax to pay in the UK on the disposal of the Turkish 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 costs into Pounds Sterling.
The exchange rate is not set in stone, which is why you have a choice.  
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:

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

For older rates, please look at

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.  There is also a capital gains calculator at:

Tax when you sell property

If the property was your main residence during the period that you owned it, then that period may qualify for private residence relief. The disposal will need to be reported in a Self Assessment Tax return. If you have paid Capital Gains Tax on the property disposal in Turkey, you can claim a foreign tax credit of up to 100% of the tax paid.  

Have a look at the link below for more information.

Capital Gains Tax

Thank you.

Hi,

While we cannot comment on calculations or scenarios, we can advise that you can carry forward the unused element of your pension threshold for the tax years 2019 to 2020, 2021 & 2021 to 2022 add to your 2022 to 2023 tax threshold.  
If your pension payment is below the new threshold, then there is nothing to declare in a tax return.
If it exceed the revised threshold, then the differend is reported in the additional information section of the tax return.  
There is also a box for situations where the pension provider agrees to pay the additional tax due out of your pension pot.  
This gives a credit in the SA cacluation for tax paid.

Thank you.