HMRC Admin 32 Response

Hi,

UK/US citizens resident in the UK, are taxable on their IRA income in the UK. If US tax is withheld you should seek a refund of this tax. HMRC will not give you a credit for this tax against any UK tax charged on this income.

Thank you.

Hi,

Yes, you can bring it anytime. If any interest is earned on the income whilst it is still in Singapore, you need to declare this as foreign income.

Tax on foreign income

Thank you.

Hi uur_424,

As you have transferred equity whilst a UK resident, this would be seen as a capital gain that would need to be reported.

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

Thank you.

Hi tbooth26,

Please refer to below for the NI query. The P85 will refund any excess tax in the year of departure.

National Insurance if you work abroad

Thank you.

Hi Josipa,

It depends on how long you you are actually out of the country.

Please refer to:

RDR3 Statutory Residence Test

Thank you.

Hi,

No. You would not need to declare the transfer of the assets to the UK in a Self Assessment Tax Return. You would have to declare any interest arising from the transfer of your savings.

Thank you.

Hi,

Form 17 would also be  required along with the declaratio of trust, to alter the 50/50 split to the beneficially owned split.

Declare beneficial interests in joint property and income

Form 17 must be in HMRC possession withing 60 days of being signed. 

TSEM9860 - Property held jointly by married couples or civil partners: Form 17 rule - when declaration takes effect: normal case

This will remain in place until circumstances change as advised at:

TSEM9864 - Property held jointly by married couples or civil partners: form 17 rule - when a declaration stops

Thank you.

Hi,

HMRC would not need to know where the money came from but your bank may ask for details. No inheritance tax is due as it is not income from a UK estate/asset. As your parent is living in Poland there is no UK capital gains but she may want to check with the tax office in Poland re any charges that may be due.

Thank you.