HMRC Admin 32 Response
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RE: selling on ebay
Hi,
Ebay is reporting the selling of item, as they are required to do. As these are personal belongings, you are not selling as a sole trader, so income tax is not chargeable on the profits. You may have Capital Gains Tax to pay.
Please have a look at helpshet HS293.
Personal possessions and Capital Gains Tax 2024 (HS293)
Thank you. -
RE: Transfering my personal savings from abroad
Hi,
As you are resident in the UK, you would be taxable in the UK on any interest that the capital in this account generates. The capital itself, is not taxable and there are no tax implications to transferring the capital to the UK.
Thank you. -
RE: Combined Income, Tax and Allowance Confusion
Hi,
You should contact our Income Tax team, to ensure that the correct tax codes are being applied.
Income Tax: general enquiries
Thank you. -
RE: Tax relief on pension contributions - am I a tax payer?
Hi,
Your tax free threshold for your pension payments is the lower of your annual earned income or £60,000. If you have no earned income, the maximum that can be paid tax free is £2880.
Your pension provider would then claim 20% tax from HMRC to pay into your pension, allowing you to save £3600 to your pension tax free.
Any amount you pay in above this threshold, results in a pension savings tax charge and must be declared in a Self Assessment tax return.
Thank you. -
RE: Pension Fund from Singapore into the UK
Hi,
We cannot tell you what to do with these funds or where to store them. If you are UK resident when you receive the pension, you would have to declare it in a Self Assessment tax return, as you may have tax to pay in the UK.
Thank you. -
RE: CGT on crypto, mixed residence
Hi,
We can only provide general information and guidance in this forum. For an answer to a detailed question of this nature, you would need to contact our Self Assesment team below or seek professional advice.
Self Assessment: general enquiries
Thank you. -
RE: compensation received as a result of negotiated out of court settlement
Hi,
Please have a look at the guidance below, regarding personal compensation or damages and how Capital Gains Tax is charged.
CG13030 - Compensation: personal compensation or damages
Thank you. -
RE: Money from selling property oversea
Hi,
This appears to be in relation to stamp duty and as such you should refer to:
Stamp Duty Land Tax
Thank you. -
RE: Taxation of Pension Commencement Excess Lump Sum
Hi,
Please submit a form P53 to claim back any excess tax decucted from your lump sum.
Claim a tax refund when you've taken a small pension lump sum (P53)
Thank you. -
RE: Free childcare tax calculation
Hi,
Unfortunately, it is not possible to review personal matters in this forum. For individualised assistance please contact our Self Assessment team below.
Self Assessment: general enquiries
For details on adjusted net income at:
Personal Allowances: adjusted net income
Thank you.