HMRC Admin 19 Response

Hi,

As we can only provide general information and guidance in this forum, for an answer to a detailed question of this nature, you would need to seek professional advice.

Thank you.

Hi,

Where an asset is disposed of for less that it was acquired for, then a loss arises, which is not taxable.

If your Private Residence Relief is applied over the whole period of ownership of the property, it would cover any gain arising from the disposal and no tax would be payable. If Private Residence Relief applies to the property disposed of, so that no Capital Gains Tax is payable, then you do not need to report the disposal to HMRC.

Thank you.

Hi,

If you were sent to Canada to work by your employer as a secondment then, yes. If you chose to move there then, no, Private Residence Relief is not due for that period.

Thank you.

Hi,

If none of the income is remitted or used to pay for something in the UK, then no. You can see further guidance here:

Remittance basis 2024 (HS264)

Thank you.

Hi,

You can see guidance here:

Interest on savings for children

Thank you.

Hi,

No, as these are not actually job related expenses.

Thank you.

Hi,

If the property is in joint names you both need to declare it 50/50 for all rental income and expenses. You both need to complete a tax return and the double taxation form is not applicable for the UK rental income as this remains liable in the UK. You can see guidance here:

Tax on your UK income if you live abroad

Thank you.

Hi,

As you have never lived in the property it will not qualify for Private Residence Relief and you will be liable to tax on any increase in value.

No lettings relief is due as you have not lived in it whilst being rented out.

We cannot comment on future events so cannot say what the position will be should you not sell it this year.

You can see guidance for details on what you can claim here:

CG15180 - Expenditure: enhancement expenditure

CG15250 - Expenditure: incidental costs of acquisition and disposal

Thank you.

 

Hi,

As you are the legal owner of the property, then yes, you would need to declare this unless you transfer the beneficial ownership of income received by way of a legal trust deed.

You would declare this as foreign income.

Thank you.

Hi,

You have stated that you are a sole trader so this would be your reason for Self Assessment.

The shares would be a capital gain and taxed as such unless your self employment is actually classed as trading.

Thank you.