HMRC Admin 32 Response
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RE: Payments on account after tax code change
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RE: Tax on maternity leave
Hi,
Your tax is calculated on your pay for the tax year. If your income drops during the tax year and a refund is due this will come back through your wages when your employer operates your tax code.
Thank you. -
RE: Tax rates on savings interest
Hi,
The personal savings allowance and tax on interest are based on the UK reate bands.
Income Tax rates and Personal Allowances
Income Tax: personal savings allowance
Thank you. -
RE: Am I have to pay inheritance tax?
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: Reporting savings interest
Hi Past_My_Best Payne
If HMRC receive interest figures of more than £10,000 from your bank or building society then this is Self Assessment criteria and we would set up a Self Assessment record. It can take up to October to receive the details from the bank or building society. We will review your record when the details are received.
If you think the interest figures being used are incorrect you will need to contact our Income Tax team to review.
Income Tax: general enquiries
Thank you. -
RE: Cost offsets for Capital Gains on an inherited house
Hi,
One of the key considerations when deciding whether a repair is a deductible expense is whether it is revenue or capital. Revenue expenses are generally repairs and maintenance (property repairs). Examples of this are replacing a boiler, re-wiring, windows, roof, kitchen & bathroom and so on. They do the same thing as before.
Capital expenses are considered to be improvements, such as structural changes, eg new conservatory, extension where there was nothing there before.
A new state of the art, bespoke kitchen can be considered capital, when it replaces a standard kitchen and is an improvement over the old kitchen, for example an old all in one cooker is replaced with designer hobs and fitted ovens.
It is largely a question of fact and degree in each case, whether expenditure on a property leads to an improvement.
PIM2030 - Deductions: repairs: is it capital?
Thank you. -
RE: Are bank welcome rewards taxable?
Hi,
No, it should not.
Thank you.