HMRC Admin 19 Response

Hi,

On this forum we can only point you the direction of the guidance, so that you can review the information to allow you to make an informed decision. You can see guidance here:

Report and pay your Capital Gains Tax

Thank you.

Hi,

To allow us to check your record and complete your registration, please contact our Self Assessment team so we can register you for Self Assessment from there.

Self Assessment: general enquiries

Thank you.

Hi,

To get your VAT certificate online, follow these steps:

• Sign into the HMRC website using your Government Gateway account.
• Click on the option to ‘View your VAT account’.
• Scroll down and click 'View VAT certificate'.
• You can then view, download, or print your VAT certificate

Alternatively. we can issue a letter regarding your VAT registration details if you contact our VAT team.

VAT: general enquiries

Thank you.

Hi,

Your residence is for you to determine based on guidance available. You can see guidance here:

RDR3 Statutory Residence Test

Thank you.

Hi,

If you disposed of the foreign property before returning to the UK, then there is no capital gains liability in the UK.  
If you disposed of the property after returning to the UK then there may be Capital Gains Tax to pay. If the property was your main residence for the entire period of ownership, Private Residence Relief would cover and gain and no tax would be payable. Guidance on private residence relief can be found here:

HS283 Private Residence Relief (2024)

To help you work out if there is a gains, there is a calculator here:

Work out your gain 

To use this calculator, all of the figures must be in pounds sterling. Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates here:

Exchange rates from HMRC in CSV and XML format

and for older rates:

Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009

You are free to use any of the supplied rates or one of your own choosing. 

Thank you.

Hi,

You are correct.  Legislation demands that Income Tax is calculated in the same set sequence every time. For the tax year 2023 to 2024, your income from employment, self employment and property will be added together and personal allowances applied to the total and the basic rate band applied, followed by the higher rate band and then the additional rate band.  

Bank and building society interest is next to be applied, with the first £1000 free of tax for basic rate taxpayers and £500 for higher rate taxpayers. Dividends are next to be taxed on dividends received above the dividend allowance of £2000, taxed ar 8.75% if there is unused basic rate band and 33.75% followed by 39.35%.  

Once Income Tax is calculated, Capital Gains Tax is calculated. If there is any of the basic rate band not used against your income, this balance can be applied against the lower rate of capital gains, 18% for residential property and 10% for other gains, and remaining gains are taxed at 24% for residential property and 20% for other gains.

Thank you.

Hi,

Where tax is treated as paid on the gain, please enter the gain in the section " Gains from life insurance policies, capital redemption policies and life annuity contracts" in box 4 of page Ai1 on SA101 and the number of years the policy was held in box 5. The Self Assessment will calculate the top slicing relief for you. You can see information here: 

Additional information (2023)

Thank you.

Hi,

You can see guidance below which includes the section on how to work out a gain:

HS320 Gains on UK life insurance policies (2024)

Thank you. 

H,

The interest is taxable and should be declared in either the box for 'taxed UK interest' or 'untaxed UK interest', which can be found on Page TR3 of SA100 or the equivalent online tax return boxes.

Thank you.

Hi,

Capital gains liability can only be calculated after you have disposed of the property.  

Private Residence Relief will apply for the period the property was your main residence, so no Capital Gains Tax will occur for that period. Capital Gains Tax may be payable for the period the property is rented out. You can see guidance on Private Residence Relief here:

HS283 Private Residence Relief (2024)

If you have more than one property, you need to advise us in writing, which is your main residence and from when, otherwise HMRC may have to make that decision for you, based on the facts of the case.

Thank you.