HMRC Admin 32 Response

Hi,

You need to apply to HMRC to have your code changed.

Tax on your UK income if you live abroad

Thank you.

Hi,

You are correct. A tax return is not required. The tool can be used for anyone looking to see if a UK tax return is required.

Thank you.

Hi,

US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than capital gains. The return is paid at maturity rather than regular interest payments. In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity.  

On a foreign investment the income is the difference between the purchase and redemption price after each has been converted to sterling on the day the transactions took place, so includes any foreign exchange gains.  Losses cannot be deducted. 

Thank you.

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.