HMRC Admin 32
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RE: Creation of Leaseholds From a Freehold
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RE: Tax on change from exercise of approved share options
Hi,
It will depend on the type of share option that was excerised.
Please refer to:
Tax when you sell shares
Thank you. -
RE: Paying more than gross salary into pension when retiring due to poor health
Hi,
You would need to advise the pension company of this in order that the excess tax is paid back.
Thank you. -
RE: Dividend and interest payment from non-UK insurance policy
Hi,
If the dividends and interest are from the insurance policy, these will form part of the surrender value and should only be declared at that point.
Thank you. -
RE: Shared ownership of property (changes throughout ownership)
Hi,
It will be 50/50 from the date purchased as by remortaging it you have gifted half to your wife.
Capital Gains Tax
Thank you. -
RE: Transfer money to UK
Hi Lisa,
Your spouse would take 50% of the disposal value and deduct 50% of the acquisition cost when you acquired the property, as well as 50% of the Fees, such as solicitors fees, estate agent fees. This will give your spouse a capital gain.
If the property became your spouses main residence from the date it was transferred to your wife until the date it was let, you work out the total number of months that the property was their main residence, plus a further 9 months, over the total number of months that you they owned their share of the property.
You have 60 days from the completion date, to report and pay the Capital Gains Tax, to avoid penalties and interest.
Have a look at the link below, which includes a calculator and links to the online capital gains service used to report and pay the Capital Gains Tax.
Capital Gains Tax
If you both have tax to pay, you will each need to create a capital gains account and report your individual gains separately.
Thank you. -
RE: Self Assessment Form
Hi,
If the expenses are £2500 or more then you will need to complete a Self Assessment to claim the expenses. If not yet registered you can register online at:
Register for Self Assessment if you are not self-employed
If the expenses are below £2500 then you should submit a P87 expenses claim.
Claim tax relief for your job expenses
Thank you. -
RE: Tax incorrectly withheld as dividend instead of sale proceeds
Hi,
If your tax return shows disposal of dividends as dividends, then the foreign tax credit in the tax return can only be set against dividends.
If it should be capital gains, you would need to amend the tax return to remove the diviends and add the capital gain.
The FTCR would then need to be amended so that it is set against the UK capital gains liability.
Thank you. -
RE: Tax refund delays
Hi,
Apologies if there is a delay in your claim being reviewed.
To review you will need to contact our Self Assessment team.
Self Assessment: general enquiries
There will also be the option to webchat.
Thank you.