HMRC Admin 32 Response

Hi,

Yes, the bank will report the interest details to HMRC and we will review the record and issue a calculation if underpaid or over paid in tax. 

Thank you.

Hi,

If it is cash only then no. For property or shares, there would only be tax due when the asset was then sold on.

Further guidance is at:

How Inheritance Tax works: thresholds, rules and allowances

Thank you.

Hi,

You would need to ask the Indian authorities what evidence they actually require.

Thank you.

Hi,

If you are resident in the UK you are required to declare your worldwide income in your Self Assessment tax return.

Your foreign gain should be declared on SA108. 

If foreign tax has already been paid on your gain then you should also complete SA106 to claim your foreign tax credit relief.  

Please see page 6 of SA106 at question 33 onwards – Capital Gains – Foreign Tax Credit Relief and Special Withholding Tax. 

Thank you.

Hi,

Please refer to:

Employment-related shares and securities (Self Assessment helpsheet HS305)

Thank you.