HMRC Admin 19 Response

Hi,

You do not mention where your parents are resident. If they are resident in Pakistan, then they have no UK tax implications.  

If they are resident in the UK, then they may have a Capital Gains Tax liability arising from the gifting of the property to you. This would be declared in a Self Assessment tax return.

You, as a UK resident, would need to note the market value of the property at the time it was gifted to you, so that you can offset this against the disposal value, if and when you dispose of the property, as you may have a foreign Capital Gains Tax liability, which would be declared in a Self Assessment tax return. You can see guidance here: 

Tax when you sell property

Thank you

Hi Nicky Bee,

If your income was over £100K for the 2022 to 2023 tax year then that is a Self Assessment criteria and HMRC would have sent you a notice to file the tax return. It is not your employers responsibilty to inform you if you need to complete a Self Assessment.

Once you file the outstanding Self Assessment you can then appeal the penalty charge. You can check Self Assessment criteria here:

Check if you need to send a Self Assessment tax return

Thank you.

Hi Sorbychili You will have your personal allowance £12570 and then there can be the starting rate for savings and Personal Savings Allowance. You can see guidance here:  Tax on savings interest Thank you.

Hi,

The interest in the joint account would be split 50/50 between you and your wife. If your share of the unaxed interest is below £1000 then you would not pay tax on this as long as you are not a higher rate tax payer. You can see guidance here: 

Tax on savings interest

Thank you.

Hi,

As the beneficiaries, your parents would be expected to submit the form, P53Z(DB).

You would only be in  a position to submit this form on their behalf, if you held a power of attorney for them or held a similar position to act on their behalf. If you do not want to, or cannot submit it online, you can download the form here:

Pension death benefit lump sum: repayment claim

The address to send the completed form to is:

H.M. Revenue and Customs,
Pay As You Earn,
BX9 1AS

Thank you.

Hi,

As you paid no Income Tax in the tax year that you were resident in the UK, there is no refund of Income Tax.  

Please have a look at the guidance here:

Claim a National Insurance refund

Thank you.

Hi,

While the penalties may have been issued for different tax years, or different reasons. As we would need to review your record to give you the best advice, you will need to contact our Self Assessment team.

Self Assessment: general enquiries

Thank you.

Hi,

Where your turnover from self employment exceeds £1000 or you are in receipt of untaxed income of £2500 or more and there is tax liability and you need to register for Self Assessment.

If you are self employed, you would register for Self Assessment as self employed, as you may have National Insurance to pay or you may want the opportunity to pay class 2 National Insurance contributions to go towards your State Pension.  

Check how to register for Self Assessment

Thank you.

 

Hi,

The tax year in which you opened your first ISA ends on 5 April 2024. This means that from 6 April 2024, you can open another ISA of the same type that you have already opened, since they are in separate tax years.

Thank you.

Hi,

We are unable to provide you with a difinitive answer to your question in this forum. We can only provide general advice. For an answer to a personal question of this nature, you would need to contact our Self Assesment team or seek professional advice.

Self Assessment: general enquiries

Please have a look at article 14(4) of the UK -Thailand tax treaty on capital gains. This relates to other property, such as crypto currency. Paragraph 5 also gives guidance on occasions where the UK can charge Capital Gains Tax on UK gains, relating to a resident of Thailand.  

UK-Thailand Double Taxation Convention signed 18 February 1981

Thank you.