HMRC Admin 19 Response

Hi,

If you are non domiciled and you do not bring it to the UK, you do not declare it here.

Thank you.

Hi,

Yes, that is correct.

Thank you.

Hi,

The supplementary page SA108, needs to be downloaded and the capital gains declared on it and submitted with the short tax return.

Self Assessment: Capital gains summary (SA108)

You can deduct acquisition and disposal costs and fees from the disposal value. If the annual exempt allowance has not already been utilised, then £12300 can be deducted. The remainder is taxable at the lower rate of 10%, the upper rate of 20% or a combination of both. Self Assessment will work this out.

Thank you.

Hi,

The incentive to open the account is not taxable, as it is a one off payment.

Thank you.

Hi,

Yes, you can. If you do not complete Self Assessment tax returns, then your loss claim must be in writing and include evidence to support your loss claim. If you complete a tax return, you will need to amend the tax return for the tax year that the loss arises, including supporting evidence for the loss.  

The conversion to pounds sterling use a just and reasonable exchange rate for the time of acquisition and disposal. Allowable costs include acquisition and disposal costs and certain improvements. You can see guidance here:

CG15180 - Expenditure: enhancement expenditure

Thank you.

Hi,

You are still only able to have one lifetime ISA.

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Hi,

You can see the tax treaty here:

2010 Hong Kong-UK DTA

It is reciprocal in nature. Please see article 14(2)(a), as you may be taxable in Hong Kong on your employment income, depending on how much time you will spend in Hong Kong.

Thank you.

Hi,

You would need to contact our Self Assesment team to pursue this.

Self Assessment: general enquiries

Thank you.

Hi,

You can retain the shares and declare the foreign dividends in a Self Assessment tax return. We are not sure where your revaluation of the shares arises.  

You would use the acquisition costs converted to pounds sterling, using a just and reasonable exchange rate at the time of acquisition. The capital gain would be the disposal value, in pounds sterling, less aquistion and disposal costs.  

Without knowing the country in question, we cannot comment on tax treaties and double taxation relief.

Thank you.

Hi,

The answer to this question depends on the result of the statutory residence tests at RDR3:

RDR3: Statutory Residence Test (SRT) notes

If tax resident in the UK for the whole tax year and split year treatment does not apply, then yes, the capital gain would need to be reported, under the arising basis of taxation. A foreign tax credit of up to 100% of the foreign tax paid, can be claimed.

If split year treatment does apply and the disposal arises before arrival in the UK, then it does not need to be repoted, but can be mentioned as a free hand note, for reference only.  

The acquisition value and not the value of the asset on 1 October would be used to calculate any capital gain.

Thank you.