HMRC Admin 19 Response

Hi,

Where your husband is the sole owner of the asset at the time of disposal, he must bear the brunt of any capital gains liability from the disposal, alone.  

The property will need to be held in joint names, for a 50/50 split to be allowed.  

There is no Capital Gains Tax liability arising from the transfer of assets between spouses and civil partners.

Thank you.

Hi,

You can see guidance on withdrawning from a lifetime ISA and details of the withdrawal charge outdside of the approved withdrawal options here:

Lifetime ISA

Thank you.

Hi.

You will need to review the guidance below and undertake the statutory residence tests at RDR3 to determine your tax residence position:

RDR3 Statutory Residence Test  

This will help you determine whether you need to declare the disposal of the property in the tax return. If you do, you can claim a foreign tax credit of up to 100% of the foreign capital gains tax paid. You will need to work out the gain or loss, using pounds sterling, for the acquistion and disposal.

Private Residence Relief may also reduce any gain. You can see guidance here:

Tax when you sell your home

Thank you.

Hi,

You have two years from the due date of a tax return in which to amend the tax return, for example, the return 2022 to 2023 is due by 31 January 2024 and you have until 31 January 20026 to amend the return.  

Where you have passed the two year deadline, you will need to write to, H.M. Revenue and Customs, Self Assessment, BX9 1AS and advise of the amount that has exceeded the tax free threshold. Assessments will be raised for each tax year and added to your Self Assessment statement. These amounts of unpaid tax will attract late payment penalties and interest, starting from 31 January through to the date the tax is paid. You can calculate interest and penalties up to 5 April 2022 here:

Calculate interest and penalties for tax years ended 5 April 2003 to 5 April 2022

Thank you.

Hi,

As you have a UTR and have been asked to complete a 2021 to 2022 Self Assessment tax return you do not need to register for a UTR.

You will need to enrol to file the Self Assessment online:

File your Self Assessment tax return online

You can also contact our online services team for assistance.

Technical support with HMRC online services

Thank you

 

Hi,

You can see guidance on negligible value claims (NVC) and claiming losses here:

Negligible value claims and agreements

HS227 Losses (2023)

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 contact our Self Assesment team or seek professional advice.

Self Assessment: general enquiries

Thank you.

Hi,

A mortgage is a means of acquiring an asset and is not relevant in calculating capital gains liability.  There is no tax relief available for mortgages.

Thank you.

Hi,

To simplify completing your UK Self Assessment tax return, which operates from April to April, all you need to do is transpose the figures from the foreign tax year into the UK tax return. So for example, foreign employment income arising from 1 January 2023 to 31 December 2023, would be declared in the 2023 to 2024 UK tax return, as 31 December falls in the 2023 to 2024 tax year.  

A years worth of income from 1 January 2023 to 31 December 2023 is equal to April to April for tax return purposes.

Thank you.

Hi,

How you choose to convert a paper receipt to a digital copy is up to you, as long as the digital copies are accurate, complete and readable. You can see the following guidance for more information:

Keeping your pay and tax records

Thank you.

Hi,

Spouses or civil partners have the choice of declaring a 50/50 split on assets by default, even if they beneficially own the assets in unequal shares. This applies for income arising from the assets or gains from the disposal of the assets.  

Form 17 allows the married couple or civil partners to elect to split income, and, or, capital gains against the unequal share of ownership, along with a deed of trust, showing that unequal ownership share.

You cannot just choose the unequal share to suit your circumstances. It is either 50% or the confirmed share of joint ownership, as defined on the deed of trust.  

The form 17 must be sent to HMRC within 60 days of the form 17 being signed, otherwise it becomes invalid.

Thank you.