HMRC Admin 32 Response

Hi,

There are no Income Tax implications of receiving cash gifts, you will report the interest you receive from bank and investment at the end of the tax year.  

You may wish to check if your gift may be subject Inheritance Tax.

Have a look at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.

Hi,

1. If the payment service is based in the UK, then the monies would be considered brough into the UK, if paid into that service. If not using the remittance basis, then you are using the arising basis and would declare your world-wide income / gains in the tax year that it arises.
2. The remittance basis relates to overseas income or gains not brough into the UK. If you used your UK income, to purchase appliances, such as laptops for your work, then you can claim business expenses.
   
   Expenses if you're self-employed
    
3. Yes, class 2 and class 4 NIC would still be payable.

Thank you.

Hi,

This loss occurred February 2023 , which is the 2022 to 2023 tax year. The losses can only be claimed in this tax return.

Thank you.