HMRC Admin 32 Response

Hi,

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

rd.incentivesreliefs@hmrc.gov.uk

Thank you.

Hi,

The effective date of ownership is the date of exchange of contracts when the buyer is committed to buying the property. 

Thank you.

Hi,

Capital Losses arising from the sale of RSUs can only be used to reduce Capital Gains arising in the same year. Any unused Capital Loss can be carried forward to set against Capital Gains arising in future tax years. Capital Losses should be reported in the appropriate section (SA108) of your Self Assessment tax return. If you are not within self assessment, you can claim the Capital Loss by writing to HMRC. Losses do not have to be reported straight away, you can claim up to 4 years after the end of the tax year in which you disposed of the asset.          

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

Capital Gains Summary notes

Thank you.

Hi,

You will not have to pay Income Tax or National Insurance if you buy the shares for at least the market value they had when you were granted the option.  

If you were given a discount on the market value, you’ll have to pay Income Tax or National Insurance on the difference between what you pay and what the shares were worth. You may have to pay Capital Gains Tax if you sell the shares. 

Tax when you sell shares

Thank you.

Hi,

For the purpose of the Statutory Residence Test, HMRC consider that a person’s home is a place that a reasonable onlooker with knowledge of the material facts would regard as that person’s home.

Case 4 woud deal with someone who did not meet the only home test at the start of the tax year, but at some point in that tax year they do meet the only home test and continue to do so until the end of that tax year, wheareas, case relates to an individual, who has no home in the UK but at some point during the tax year they start to have a home in the UK and they meet the criteria for Case 8.

RDRM12150 - Residence: The SRT: Split year treatment: Case 4: Starting to have a home in the UK only

Thank you.

Hi,

If the property was willed to the beneficiaries, then each of the beneficiaries, will need to work out if they have a capital gain. If they do, they will need to each report their gain individually. If there was no will, then the estate only has one annual exempt allowance and the estate pays the capital gains.  

The online services helpdesk may be able to help you. You can contact them with the link below.

Technical support with HMRC online services

Alternatively, you could download a paper capital gains return.

Report Capital Gains Tax on UK property

If you do not have access to a the internet, you will need to contact HMRC and request a paper return.

Income Tax: general enquiries

Thank you.

Hi Jay,

No. This is still UK income and should be declared. It will be treated as disregarded income in the Self Assessment Tax Return. Have a look at HS300 for more information.  

Non-residents savings and investment income (Self Assessment helpsheet HS300)

Thank you.

Hi Tim,

If you meet the criteria for the split year, you would only declare your income from the date you arrived in the UK.  If split year treatment does not apply and you are tax resident for the full tax year, you will need to declare the Australian income and claim a foreign tax credit on the overseas Income Tax paid.

Thank you.

Hi,

It is your annual income. You will need to be able to show that the gift came from your annual income.

Thank you.

Hi,

The code 1257L means you can earn £12570 before tax is due and for the code 1267L you can earn £12670 before tax is due. The change in code should not cause a large change in the tax due. 

You will need to contact our Income Tax team for us to access your record and check this for you.

Income Tax: general enquiries

Thank you.