HMRC Admin 32 Response

Hi,

The legal owners of the property are those named on the title deeds, they may not, however, be the beneficial owners of the property. It is the beneficial owners who would be subject to Capital Gains Tax.  

Have a look at:

Factsheet: beneficial ownership

Thank you.

Hi,

Foreign interest is declared in pounds sterling and is added to your UK interest for tax purposes. Both then count towards your PSA. Foreign income, no matter how little, must be declared in a Self Assesment Tax Return, even if no tax is payable.

Thank you.

Hi,

Up to 25% of your Self Invested Pension Plan (SIPP) can be paid tax free. The remaining 75% will be chargeable to tax at your marjinal rate of Income Tax. As the lump sum is tax free, it does not need to be declared on a Self Assessment Tax Return.

Thank you.

Hi,

The chargeable event certifiate will show the amount that the policy paid out, the gain arising from the policy, the notional tax paid and the number of years the policy was held. In your tax return you would declare the gain and the number of years the policy was held on SA101 in the section 'gains from life insurance policies...'.

Thank you.

Hi,

The annual exempt allowance is not set agains losses, only gains. You can still carry forward the loss to a future tax year. Losses can be carried forward indefinitely and set against a gain in a future tax year.

Thank you.

Hi,

Whether you’re classed as a day trader or an investor could make a serious difference to your tax obligations.

The crucial distinction is that a ‘trader’ will not hold on to shares in the long-term. Whereas, an investor will hold shares for use as assets to then generate revenue, dividend income for example.

This is important because a stock trader will often pay Income Tax, whilst an investor will more likely pay Capital Gains Tax.

Thank you.

Hi,

You are resident in the UK, so although you travel the UK and overseas with work, you are still regarded as taxable and tax resident in the UK.

Thank you.

Hi,

Please refer to guidance at:

Tax on your UK income if you live abroad

Thank you.

Hi,

Please refer to:

UK Integrated Online Tariff: HMRC monthly currency exchange rates.

Thank you.

Hi,

Please refer to guidance at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.