HMRC Admin 19 Response

Hi,

For capital gains purposes, Stamp Duty is an allowable expense.

With regards to your Stamp Duty queries, you would need to conatct our Stamp Duty team for advice.

Stamp Duty Land Tax

Thank you.

Hi,

You can see additional guidance here:

HS286 Negligible value claims and Income Tax losses on disposals of shares you have subscribed for in qualifying trading companies (2023)

For shares in an ISA, as these are not taxable and no Capital Gains Tax is due, you cannot then claim capital losses.

Thank you.

Hi,

Yes, you are correct.

Thank you.

Hi,

Yes, you can claim Foreign Tax Credit Relief for the tax paid in South Africa. You can see guidance here:

Tax on foreign income

Thank you.

Hi Philip Wilson,

There is no legislative definition of a lump sum but HMRC regards these as being any non-periodic payment of a pension, that is, any non-regular payment that decreases the value of the remaining pension pot after such payment is made. For example, the first (IRA) withdrawal is taken in year 1, the next withdrawal was made in year 5, and another withdrawal in year 7; such payments will not be regarded as periodic and will be treated as lump sum’s under the UK/USA DTA. Whereas any amount withdrawn in set, periodic, frequent intervals (e.g. weekly, monthly, annually etc.) would not be a lump um, but rather periodic payments. 

Article 17(2) of the UK/USA DTA provides the US with the right to tax any lump sum payment which is made from a US sourced pension scheme, including IRAs. However, the UK is also permitted to tax the same lump sum payment(s), which is in accordance with Article 1(4) of the DTA, both Article 17(2) and Article 1(4) are outlined below and, when read from the perspective of a UK resident, state:   

Article 17(2) - Notwithstanding the provisions of paragraph 1 of this Article, a lump-sum payment derived from a pension scheme established in a Contracting State, USA and beneficially owned by a resident of the other contracting state, UK shall be taxable only in the first-mentioned State, USA. 

Uk/USA Double Taxation Agreement - 2002

Thank you.
 

Hi bhb_01,

Your volunteers should refer to the guidance below to check their own personal circumstances:

Selling online and paying taxes - information sheet Updated 3 January 2024

Thank you.

Hi,

As we would need to access your records, you will need to contact our Self Assesment team for advice.

Self Assessment: general enquiries

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Hi,

Please contact our Customs International Team for advice:

Imports and exports: general enquiries

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Hi,

If you are buying goods in the UK and selling those goods in the UK then the VAT liability of the supply would be determined by the nature of the goods being sold. Generally goods are 20% VAT but there are a number of reliefs. You can see the guidance here:

Zero rating, reduced rating and exemption

Thank you.