HMRC Admin 19 Response

Hi,

To claim losses on the property disposal you will need to convert all figures from HKD to pounds sterling, using a just and reasonable exchange rate in use at the time of acquistion and disposal. Once all figures including costs are in pounds sterling, you follow the UK rules on calclating Capital Gains Tax.

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 here:

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,

There is no UK Captial Gains Tax liability on disposals arising, while you were not UK tax resident.  

Any disposal arising while UK tax resident, may be subject to Capital Gains Tax. To work out if there is a capital gain, you will need to convert all values to pounds sterling, using a just and reasonable exchange rate, that would have been in use at the time of acquisition and disposal.

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 here:

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,

The remittance basis is applied for by using SA109, where you declare the amount of unremitted income for the tax year, box 34, captial gains, box 35, and the type and breakdown of unremitted income / capital gains, box 40. You can see guidance here: 

Resideence, remittance basis etc (2024)

If you are remitting, previously unremitted income, and, or capital gains in a later tax year, then you would declare this in SA106, foreign, or another relevant supplementary page. You can see guidance on the remittance basis here:

Residence, domicile and the remittance basis: RDR1

Thank you.

Hi,

You can see guidance regarding share plans and Capital Gains Tax here:

Tax and Employee Share Schemes

Thank you.

Hi,

As you can access the interest, the interest will be treated as arising in the tax year in which it is paid to you.

Thank you.

Hi,

If you are providing a service to an overseas company which is outside the scope of VAT then any other expenses billed to the overseas company should be billed at the same rate of VAT as a single supply and so would also be outside the scope of VAT.
If you are billing a UK company for a supply of services overseas then it is important to work out who is your customer for this supply, as the place of belonging of the customer will determine whether or not you have to charge VAT.
If the customer is in the UK then VAT would be charged on the supply, expenses and so on. You can see the guidance below:

The place of supply rules for services

Place of belonging

Thank you.

Hi,

Please contact the Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.

Hi,

Yes, you can.

Thank you.

Hi,

You need to register before filing the return. You will declare the income in sterling under self employment.

You can use any rate as long as it is within the tax year,

Thank you.

Hi james59,

You can only claim Foreign Tax Credit Relief if you have UK tax to pay on the same source of income. As you state you do not for this year, then you would need to claim a refund back from the Portuguese authorities.

You cannot carry forward the tax to a future year.

Thank you.