HMRC Admin 19 Response

Hi,

As you have already taken the tax free element of your pension, the lump sum payment will be taxable based on your income, which may mean that some or most of your pension lump sum is taxed at 40%.  

Perhaps your friend is suggesting taking your lump sum over two years, to reduce the rate of tax it is payable at. There is no tax optimisation available. You should discuss this with your pension provider of a financial adviser.

Thank you.

Hi,

Salary sacrafice pension payments will not be applied to or affect your adjusted net income. A contribution of £10,000 would deduct a grossed up amount of £12,500 from your adjusted net income.

Thank you.

Hi,

You will need to request a certificate of residence (CoR), in respect of your Australian foreign income. You will need to confirm with the Australian tax office, which of their forms you will need to complete to request that no tax is deducted from your employment income.  

The CoR will show that you are resident in the UK for tax purposes.

You will need to register for Self Assessment, if you are not already registered, so that you can declare your foreign employment income. 

Check how to register for Self Assessment

Thank you.

Hi,

The tax is charegeable in the tax year that the bonds are disposed of. You can see guidance here:

SAIM3080 - Deeply discounted securities: taxation: losses

Thank you.

Hi,

As you will not be resident in the UK for tax purposes for 2023 to 2024, your earnings from your US employer, vested stock and such, will not be taxable in the UK.

 If you arrive in the UK from the dates you mention, then from 6 April 2024 anything earned outside the UK will be taxable in the UK.  

If you bring any earnings, and, or capital gains to the UK, that arise when you are not tax resident, these would be considered capital and is not taxable. Anything after 6 April would be taxable.

Thank you.

Hi,

The maximum is your gross salary or £60000, whichever is lower. You do not count payments into the pension scheme that your employer makes.  

For tax purposes, you would use the date you are paid, as that is when the deduction is taken from your salary and not the date your pension company recieves it.

Thank you.

Hi lexyz2288,

This is saying that as a UK resident, you are taxable on those dividends in the UK, as foreign dividends. Normally, they would not be taxable in Singapore, but under certain circumstances, Singapore has the right to tax those dividends at no more than 5%.  You can claim a foreign tax credit for the tax paid in Singapore, up to 5% of the gross dividend. If you have paid more tax than that in Singapore, you will need to claim it back, as you cannot claim tax relief on it.

Thank you.

Hi,

While it could be that the figure you entered from your P11D differed from the one present in your tax code for the year, there are a number of other possible explanations. To allow us to review this for you, please contact our Self Assessment team.

Self Assessment: general enquiries

Thank you.

Hi,

Yes, you will need a restrospective value applied so that you know what the purchase price was. Tthis can be done by a chartered surveyor or estate agent.

As the initial costs were for 2 properties then these should be halved and then both you and your spouse would split the revised costs 50/50. The valuer will take into account the shared utility. You can see guidance on allowable expenses here:

CG15250 - Expenditure: incidental costs of acquisition and disposal

Thank you.       

Hi,

You can carry forward property losses indefinitely to be used agains a proift in a future year. You can see guidance here:

PIM4210 - Losses: setting losses against future profits.

Capital, and, or revenue expenses can not be optional. An improvement is capital and cannot be revenue. Please see guidance here:

Capital versus revenue expenditure toolkit

Thank you