HMRC Admin 32 Response
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RE: Interes and pension info
Hi,
Yes, you need to declare your world-wide income in your tax return. Self assessment will appropriate rates for interest, based on the information you include. If no tax is payable on the interest, it will reflect this in the tax calculation.
Thank you. -
RE: Transfer the money I got by selling my main residence in Hong Kon
Hi,
Using the remittance basis, means that only income and gains arising in the UK and any remitted income and gains are taxable. Unremitted income and gains is not taxed in that tax year, but if brought to the UK in a later tax year, it will be taxable in that later tax year.
To claim the remittance basis means that you will need to complete a self assessment tax return, to declare the unremitted income and gains.
You state that you will transfer £128000 from the sale of the property. This will become remitted income and may subject to Capital Gains Tax. If the property was your main residence for the whole period of ownership, then the private residence relief will cover any capital gain.
Have a look at below for guidance on private residence relief.
Private Residence Relief (Self Assessment helpsheet HS283)
Also, have a look at section 9 of RDR1.
Residence, domicile and the remittance basis: RDR1
Thank you. -
RE: Claim for Full Amount of Private Residence Relief
Hi,
As it was your main residence, you do not need to report it.
Thank you. -
RE: Working from Home. Travel Expenses. Temporary Workplace.
Hi,
Please refer to below with associated links to ascertain if you meet the conditions to claim.
When travel qualifies for tax relief (490: Chapter 2): Travel to a place where attendance is in the performance of duties
EIM32075 - Travel expenses: travel for necessary attendance: definitions: temporary workplace
Thank you.
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RE: Capital gains tax gift relief
Hi,
Hold-Over relief is typically used for the succession planning for business.
CG66880 - Reliefs: Gifts and Capital Gains Tax: Relief for Gifts of Business Assets
The conditions for a transferee for Hold-Over relief can be found in HS295 Capital Gains Tax relief on gifts and similar transactions where generally the condition only states the transferee needs to be UK resident.
HS295 Relief for gifts and similar transactions (2022)
Further conditions can be found here:
CG66883 - Relief for Gifts of Business Assets: The Donee
Thank you. -
RE: Overseas property income requesting mortgage interest relief
Hi,
You need to fill in box 24.1
Thank you. -
RE: CGT on property purchased as non-resident, but now moved home
Hi,
The guidance at CG73760 refers to non-resident individuals who would be chargeable to CGT on disposals of UK residential property interests if they were UK resident at the time of disposal.
CG73760 - Non-Resident Capital Gains Tax (NRCGT) – Disposals on or after 6 April 2015 to 5 April 2019: Individuals: Special rules, and computation
As you will be resident in the UK at the time of disposal, these rules do not apply. Your acquisition costs in 2010, should be used when calculating any capital gains liability.
Thank you. -
RE: Foreign Tax Credit Relief
Hi,
We regret that we cannot reply to scenarios in this forum. If you need more detailed information, you will need to contact the Self Assessment team,
Self Assessment: general enquiries
Thank you.
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RE: Do I have to pay tax if I stay in the UK for less than 183 days (BNO Visa holder)
Hi,
There is more to consider before you can make that decision. You will need to review the guidance at RDR3 and take the residence test, to determine whether you are tax resident in the UK for the whole tax year or non tax resident in the UK for the whole tax year.
RDR3 Statutory Residence Test
This is an informed decision you will reach by yourself, based on the residency tests.
Thank you. -
RE: Bare Trust Registration
Hi,
Please refer to guidance at:
Trusts and taxes
You could also contact us by telephone. +44 300 123 1072
Thank you.