HMRC Admin 32 Response

Hi,

If both stocks and shares ISAs were opened in the same tax year, then this is not permitted and the newest ISA would need to be closed. If they were opened in different tax years, then they are both allowable.  

Have a look at the guidance at:

Individual Savings Accounts (ISAs)

Thank you.

Hi,

Please have a look at the guidance below, as you may have to pay Capital Gains Tax on assets you transfer after your relationship has legally ended.

Money and property when you divorce or separate

Thank you.

Hi,

As a non domiciled resident of the UK, you are taxed by default using the 'arising basis' on your world-wide income, even if you do not bring it to the UK (remit). This means that you would declare your overseas consultancy fees under self employment (SA103) and if your paid foreign tax, you would also declare on SA106 and claim a foreign tax credit.  
As a non domiciled resident of the UK, you also have the option to use the remittance basis. If you choose to use the remittance basis, then you can declare the overseas income and capital gains that you did not remit to the UK, so that you do not pay tax on it in the tax year that it arises. You would, however, pay tax on it in a later tax year, if you bring it to the UK in that later tax year.  

Have a look at the guidance on remittance basis at the link below, as you will need to decide if the remittance basis is right for you.

Residence, domicile and the remittance basis: RDR1

To claim the remittance basis, you will need to complete SA109 as part of your tax return.

Thank you.

Hi,

You would need to review the guidance at RDR3 and undertake the statutory residence tests. 

RDR3 Statutory Residence Test

You may find that you are not resident for tax purposes in the 2022 to 2023 tax year, but for 2023 to 2024, the current tax year that you are. You may need to complete a Self Assessment tax return, depending on the outcome of the residence tests.

Thank you.

Hi,

If an employee and employer elect to transfer the legal liability to pay all, or some, of the secondary Class 1 NICs, to the employee then such an election must be approved by HMRC.  

Please have a look at link below for more information.

NIM06813 - Class 1 NICs: employment-related securities: shares: employee agrees or elects to pay secondary Class 1 NICs

Thank you.

Hi,

There was a change in the Finance Act 2014 which affects this. Please refer to:

ERSM162100 - International from 6 April 2015: impact of residence and domicile status on employment-related securities & options

ERSM162200 - International from 6 April 2015: principles of the Finance Act 2014 residence rules for employment-related securities & options

Thank you.

Hi,

You will need to contact our R&D team via email for advice on this query.

rd.incentivesreliefs@hmrc.gov.uk

Thank you.