HMRC Admin 19 Response

Hi,

You can see guidance here:

Capital Gains Tax, share reorganisations and company takeovers (Self Assessment helpsheet HS285)

Thank you.

Hi,

If you are a UK tax resident and you dispose of foreign assets, then you must declare the disposal in a Self Assessment tax return. If you dispose of foreign assets for more than you acquired them for, then you have a gain, which is taxable in the UK. You will need to calculate the pound sterling value of the assets at the time of acquisition and disposal, using a just and reasonable exchange rate in use at the times in question. 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,

A self employed individual or sole trader, can earn up to £1000 gross profit and not need to register for Self Assessment. If your gross profit exceeds this sum, you need to declare the profit and expenses in a Self Assessment tax return. The net profit, after your expenses are deducted from the gross profit, is taxable and potentially subject to class 2 and class 4 National Insurance.  

Your employment income and your net profit are added together and the tax calculated using the different rate of Income Tax that applies, 20%, 40% or 45%.  

You can see guidance on what training courses are allowable as an expense here:

Expenses if you're self-employed

Thank you.

Hi,

There are no Capital Gains Tax implications from the transfer of assets between husband and wife and civil partners. You transfer the shares to your wife with your acquisition cost of the share. This cost would be used when working out any capital gains liability should the shares be disposed of.  

You do not need to report the transfer of assets between husband and wife and civil partners to HMRC.

Thank you.

Hi treezbee,

You can see guidance here:

Passing on a home

If you die within 7 years of giving away all or part of your property, your home will be treated as a gift and the 7 year rule applies.

Thank you.

Hi BPS WONG,

If you are then resident, yes, you will be due personal allowances to cover your worldwide income on an arising basis.

Thank you

Hi,

Please contact the Stamp Duty Land Tax team for advice.

Stamp Duty Land Tax

Thank you.

Hi,

The gain is based on the difference between the purchase price and the disposal value, the completed sale. Private Residence Relief for the period you lived in the property then reduces the gain. You can see guidance here:

HS283 Private Residence Relief (2024)

Thank you.

Hi,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you. 

Hi,

It would be taxed entirely in the UK.

Thank you.