HMRC Admin 32 Response
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RE: ISA - cash and stocks and shares
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RE: Capital gain on joint owned property after one owner death
Hi,
Your gain is usually the difference between what you paid for your asset and what you sold it for. There are some situations where you use the market value instead.
Capital Gains Tax: what you pay it on, rates and allowances
Inheritance Tax is only due when a person's estate is worth over £325,000 when they die, or if the person who died gave away more than £325,000 in gifts in the 7 years before they died. In this scenario the person in receipt of the gift within those 7 years will be liable to pay inheritance tax.
Gifts made in the last 7 years use up the £325,000 tax free allowance first, but if the gifts received are less than the £325,000 inheritance tax free allowance, any unused threshold can then be used by the estate of the person who has died.
If the person who died owned their home (or a share in it) the tax free threshold could be increased to £500,000.
You can find out more information here:
Work out Inheritance Tax due on gifts
Thank you. -
RE: AML(Anti Money Laundering) £250 charge to check client by my accountant
Hi,
Unfortunately we cannot advise you on Anti-Money Laundering queries or accountant practices on this forum.
You can have a look at the guidance below and see if there is any information that may help you with your query.
Anti money laundering supervision: detailed information
Thank you. -
RE: Git of a £10000 to a child from auntie who lives overseas.
Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here.
Tax on savings interest
Tax on dividends
Thank you. -
RE: Access to online uk gov site
Hi,
For assistance you will need to contact the online helpdesk.
Technical support with HMRC online services
Thank you. -
RE: Adjusted Net Income (Tax Free Childcare and 30 free hours) - Salary Sacrifice
Hi Becky
We are unable to comment on specific scenarios.
Adjusted net income is your total taxable income before any Personal Allowances and less certain tax reliefs.
‘Tax relief’ means that you either:- Pay less tax to take account of money you’ve spent on specific things, like business expenses if you’re self-employed. Or,
- Get tax back or get it repaid in another way, like into a personal pension
If you make contributions eligible for tax relief from your net wage (after tax), for example payments made gross to pension schemes, then these would reduce your adjusted net income.
You can find more details, and work out your adjusted net income here:
Personal Allowances: adjusted net income
Thank you.
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RE: Getting an RFI (Portugese) stamped by HMRC
Hi,
You need to post the actual form to:
HMRC PAYE & Self Assessment
BX9 1AS
Thank you. -
RE: Can a Probate Valuation Be Amended
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RE: Child Trust Fund
Hi,
Unfortunately we cannot answer Child Trust Fund queries on this forum. For advice on your query, you will need to reply to the details on the letter.
Thank you.