HMRC Admin 19 Response

Hi,

As you are only declaring the losses made, you are not making any elections, you will select no.

Thank you.

Hi,

As you state you live in the UK, you would be considered as UK tax resident and therefore liable to declare your worldwide income here. As it is foreign income, a tax return is required. You can see guidance here:

Tax on foreign income

Thank you.

Hi,

If a loss arises, there is no gain to set the annual exempt allowance against, so it is not used at all.

If one disposal results in a gain of £7000 and another results in a loss of £10000, overall, there is a loss of £3000, and so there is no Capital Gains Tax to pay.  

There is no requirement to report losses to HMRC, but you must do so, if you want to carry the losses forward, to set against gains in a future year. Capital gains and losses are reported on the supplementary page SA108:

Capital Gains summary (2024)

There is a box on the supplementary page, for you to declare that you are carrying the loss forward. If you complete an online tax return, the same boxes will be used.

Thank you.

Hi,

You can see guidance here:

Expenses if you're self-employed

Thank you.

Hi,

You can see guidance here:

HS321 Gains on foreign life insurance policies (2024)

Thank you.

Hi,

This would be liable to Capital Gains Tax.

Thank you.

Hi,

You can see guidance here:

Tax on your UK income if you live abroad

The completed return should be sent to:

HMRC,
PAYE & Self Assessment,
BX9 1AS

Thank you.

Hi,

You can see guidance here:

Check if you need to send a Self Assessment tax return

Thank you.

Hi,

No, there are not.

Thank you.

Hi,

Please contact our Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.