HMRC Admin 32 Response

Hi,

If you qualify for split year then you only report any foreign income for the UK part of the year.

RDRM12000 - Residence: The SRT: Split year treatment

If you do not qualify then you will need to report all your foreign income to the UK

Tax on foreign income

The guidance at RDRM12150 at GOV.UK will help you work out if split year treatment applies. The income from overseas will be declared on SA102 - if you paid tax oveseas you will also show it on the SA106 in order to claim Foreign Tax Credit Relief.

Thank you.

Hi,

Please refer to:

Repaying your student loan

Thank you.

Hi,

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:

The National Archives - Exchange rates from HMRC in CSV and XML format

For older rates, please see:

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.

Thank you.

Hi Tammy,

To obtain full QROPS benefits you must leave the UK for more than 5 full tax years. If you wish to access your QROPS in less than 5 years then there can be significant tax issues.

In particular, if you access a large amount of the fund while outside of the UK and then return to live in the UK, all within a 5 year period.

Doing so may mean that you fall foul of an anti avoidance wording in ITEPA 2003 s.574A which can hit a pension saver even if there was no intent to avoid tax.

According to the wording, when someone withdraws flexi-access pension payments during a non-UK residency, should the non UK residency not exceed 5 years, then any “relevant withdrawals” are to be treated under foreign pension tax rule as if they arose in the year of return and s.576A (7) specifically overrides any double tax treaty.

A Relevant Withdrawal is an amount (other than an annuity) that the member is paid from the member’s drawdown pension fund or flexi-access drawdown fund.

If the amount exceeds £100,000 as a withdrawal then the nature of that payment will determine if the QROPS holder is liable to UK Income Tax:

If the payment had an element of Pension Commencement Lump Sum (PCLS) then the threshold is not likely to be exceeded and HMRC will have no interest in this.
However, if the £100,000 was an income withdrawal then any amount above this will be taxable by HMRC.

Thank you.

Hi Ben,

The drop down is in order to show the maximum relief that can be claimed. As relief is restricted to the UK tax that is due on the same source, you may not actually get 15%. further guidance is at:

Relief for Foreign Tax Paid 2023 (HS263)

Thank you.

Hi,

No, you dont need a new UTR. You will tailor your return to answer yes to self employment to include this new source. You will need to register to pay Class 2 NI.

Thank you.

Hi,

You will round down.

Thank you.

Hi,

Rental income is not normally a business and as such is not liable to class 2 NI. Please see guidance below as to why.

Working for yourself

You will therefore only declare it as income from property.

Thank you.

Hi,

If you are resident, but not domiciled in the UK, then you can elect to claim the remittance basis and no pay tax on the unremitted RSUs. If you use the 'arising basis', which is the default tax method in the UK, then you would need to declare your world-wide income, which would include the RSUs. You would be able to claim a tax credit for the overseas tax paid. You would need to decide which method suits you best.
Have a look below for more information.

Residence, domicile and the remittance basis: RDR1

Thank you.

Hi,

Please refer to:

EIM06210 - Employment income: scholarship income: payments taxable as employment income?

Thank you.