HMRC Admin 32 Response

Hi,

If the loss occured in the UK it must be reported here.

Thank you.

Hi,

The pension should be paid gross and then included within your tax return to be added to your self employment to calculate any tax due.

Thank you.

Hi benjiw,

You do not pay Capital Gains Tax on assets you give or sell to your husband, wife or civil partner, unless:

• you separated and did not live together at all in that tax year
• you gave them goods for their business to sell on

The tax year is from 6 April to 5 April the following year.

If they later sell the asset, your spouse or civil partner may have to pay tax on any gain if they later dispose of the asset.

Their gain will be calculated on the difference in value between when you first owned the asset and when they disposed of it.

If this was before April 1982, your spouse or civil partner should work out their gain using the market value on 31 March 1982 instead.

They should keep a record of what you paid for the asset.

Thank you.

 

Hi,

It is the actual purchase price.

Thank you.

Hi David,

You may in fact be liable to capital gains when you transfer your share into her name as you have been separated for a number of years.

Capital Gains Tax: separation and divorce

Thank you.

Hi,

As you have received a certificate as a higher rate taxpayer, the tax will have already been paid and you should include it on your return.

Thank you.

Hi,

The period of absence you refer to relates to the occupation of a new home when you are unable to sell your old home. If however you have claimed private residence relief in this 24 month period for property A, you cannot then claim private residence relief for the same period for property B.  

If you live in, as your home, 2 or more houses, you can only have one main residence at a time for Private Residence Relief within:

HS283 Private Residence Relief (2023)

Thank you.

Hi,

It works under the same principles of a share loss. Please refer to:

HS286 Negligible value claims and Income Tax losses on disposals of shares you have subscribed for in qualifying trading companies (2023)

Thank you.

Hi,

As they were part of your PAYE income and included on the P60 there is no need to declare them anywhere else on the return for 2022 to 2023. There is no loss in 2022 to 2023.

Thank you.

Hi,

Please refer to additional guidance at:

TSEM6203 - Legal background to trusts & estates: life tenant - an outline

Thank you.