HMRC Admin 32 Response
-
RE: FHL losses and future CGT
Hi,
HMRC cannot xcomment on future events as legislation and/or plans may change.
Thank you. -
RE: Proposed Capital Gains taxation changes Autumn budget 2024
Hi,
HMRC cannot comment on future events or any potential changes in legislation.
Thank you. -
RE: Professional fees
Hi,
To give you the best advice, we may need to clarify a few parts of your query. Please contact our Self Assessment team by webchat or phone via:
Self Assessment: general enquiries
Thank you. -
RE: CASH ISA and Stocks and Shares ISA query
Hi,
You can still contribute to both but the total you invest in 1 tax year cannot exceed £20000.
Thank you. -
RE: NRE account interest income in India is taxable in UK
Hi,
Although NRE interest income is not taxable in India NRE interest income has often been mistaken as non-taxable in the UK this is incorrect, UK tax residents are subject to UK taxation on their worldwide income and gains subject to any remittance basis claims.
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit for Indian tax even if this has not been paid as the credit relief amount is calculated through the tax spared mechanism, which deems Indian tax to have been paid at the marginal rates applicable there. (UK-India DTC notes page HMRC’s Double Taxation Relief Manual DT9553).
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit not exceeding 15% for Indian tax even if this has not been paid.
UK tax relief not exceeding 15% is available for ten years from the opening date of the NRE account per Article 24(5) UK-India Double Tax Convention.
NRE interest income should be declared within an in individuals UK self-assessment return.
Thank you. -
RE: Tax return
Hi,
If you arrived in the UK in July 2023, you may not need to file a 2022 to 2023 tax return. You can contact Self Assessment team by webchat or phone via link below, and we can review the requirement to file a return, and advise further on the associated penalty.
Self Assessment: general enquiries
Thank you. -
RE: Payments on account
Hi,
If the balance you owe is 0.00 AFTER both calculated Payments on Account have been deducted, then you would still need to pay the 2nd Payment on Account.
If your 2023 to 2024 calculation itself shows 0.00, then you would not need to pay the 2nd Payment on Account, but please contact our Self Assessment team if your account still shows this 2nd Payment on Account due after you filed your return, this should have automatically updated, so you may not have fully submitted your return.
Self Assessment: general enquiries
Thank you. -
RE: Approving an agent
Hi,
Apologies for the issues you've experienced here.
To help us resolve them, please contact our online helpdesk via:
Technical support with HMRC online services
Thank you. -
RE: Interest on Payments on Account and Self Assessment
Hi,
No interest will be charged in either of these scenarios.
Thank you. -
RE: IHT Clearance
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.