HMRC Admin 19 Response
-
RE: International Pension Telephone Problems
-
RE: Low Income Pension Contributions
Hi,
You can see the following guidance and discuss returning the funds with your pension provider:
PTM131000 - Unauthorised payments: essential principles
Thank you. -
RE: Foreign scholarship - payments taxable as employment income?
Hi,
You will need to contact our National Insurance team for advice.
National Insurance: general enquiries
Thank you. -
RE: Local forms for Withholding tax
Hi,
Unfortunately, there is no way to do this electronically.
Thank you. -
RE: VAT relief on house restoration
Hi Adam Foyster,
You will only be able to make a claim if you or your family is residing in the property.
If you allow contractors to buy the materials for you, then you will need to provide the evidence to us that you have paid the original supplier yourself. If you cannot show this, then you would not be able to reclaim the VAT on the materials.
Thank you. -
RE: Transferring a business commerical property for divorce settlement
Hi,
It is not quite clear what you are asking, possibly, if there are capital gain implications and in particular, how it sits with Business Asset Disposal Relief (BADR). The guidance below covers the restrictions on BADR in divorce cases:
HS281 Capital Gains Tax civil partners and spouses (2024)
CG66886 - Relief for Gifts of Business Assets: Restrictions on Relief
Thank you. -
RE: Inheritance Tax on Pension Pots
Hi,
As announced at Autumn Budget 2024, from 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for Inheritance Tax purposes. This will cover the value of any remaining pension funds that they held and most death benefits payable to beneficiaries.
Pension Scheme Administrators will become liable for reporting and paying any Inheritance Tax due on pensions to HMRC. Guidance will also be published in good time before any changes take effect.
The government has launched a consultation to seek views on the processes required to implement these changes:
Technical consultation - Inheritance Tax on pensions: liability, reporting and payment
Thank you. -
RE: CGT base cost on gifted property
Hi,
If this property was your dad's main residence, then he would be able to claim Private Residence Relief to offset any gain. You can see guidance here:
HS283 Private Residence Relief (2024)
There is also a capital gains tax calculator to help work out if there is a gain here:
Tax when you sell property
As there is a connection between your dad and yourself, he will need to use the market value of the asset to obtain a disposal value for working out his gain. You can see more information here:
CG14530 - Consideration for disposal: market value rule
If you dispose of the property at some point in the future, you would need to work out how much you paid for your 50% and the market value of the 50% gifted by your dad. This will give you, your 100% acquistion cost, which is deducted from the disposal value to work out if there is a gain. Again, Private Residence Relief may apply.
Thank you. -
RE: PRR - CGT Implications
Hi,
As the property was your main residence for your entire period of ownership, you can claim Private Resident Relief to offset any gain, meaning no Capital Gains Tax is payable.
You can see guidance here:
HS283 Private Residence Relief (2024)
If there is no gain arising from the property disposal, there is nothing to report to us.
Thank you.