HMRC Admin 32 Response

Hi,

Please refer to guidance at:

HS321 Gains on foreign life insurance policies (2023)

Thank you.

Hi,

Yes, you will need to pay UK capital gains. if you also pay this in Greece, you can claim Foreign Tax Credit Relief for the Greek tax paid in order to reduce your UK bill.

Tax when you sell property

Thank you.

Hi,

We can check to make sure that you've included all of the correct information in your return, and explain any unexpected amounts in the calculation to you.

Just contact us via link below and we can review your record.

Self Assessment: general enquiries

Thank you.

Hi,

Yes, you can use to make part payment by cash and part direct debit. 

Thank you.

Hi John,

Transferring your own money is not considered a cash gift. If the moeny in the overseas account was earned when in tax years you were not resident in the UK, then the money in the account is considered capital and is not taxable when transferred to the UK. If the money was earned when resident in the UK, then it is taxable in the UK.

Thank you.

Hi,

You are not an employee so the link you have referred to cannot apply. HMRC cannot offer financial advise and you may therefore want to speak to a professional regarding how best to receive the shares.

Thank you.

Hi,

You have up to 4 years in which to claim a capital gains loss, supported with evidence. As you do not submit a tax return, your loss claim must be in writing and in HMRC possession before the end of the 4th tax year otherwise it will be rejected as out of time.

Thank you.

Hi,

You are correct, a different payrol is not required.

Tax on your UK income if you live abroad

Thank you.

Hi,

You would pay capital gains tax on the whole property. There would be two calculations needed, one based on your percentage of ownership and the other based on the percetage inherited.  

To work out the gain, you will need to obtain the market value of the property at the time you first became joint owner. You would also need the probate value of the property at the time you inherited it, to work out the gain on the inherited proportion.  

There is a capital gains calculator below to help you work this out.  

Tax when you sell property

As the property was never your main residence, while you were joint owner, you do not qualify for private residence relief.

Thank you.

Hi,

That is correct. The 30k exemption should be shown at the quesiton, compensation and lump sums payments up to the £30,000 exemption. 

Thank you.