HMRC Admin 19 Response

Hi,

The income should be declared as UK rental income. The amount of tax due depends on the profit and your overall income for the year.

Thank you.

Hi,

That is correct. As you have reached the State Pension age, National Insurance is not due.]

Thank you.

Hi,

If tax relief has already been applied, it is the £10000 that you enter.

The limit is based on the gross contribution made so in your case it would be the payment of £6400 as this is then grossed up to £8000.

Thank you.

Hi,

As the loan is paid off, select no.

Thank you.

Hi,

You will need to submit the SA109 in paper form now as you cannot file this online. You do not need to do the SA100 again.

Thank you.

Yes,

1. You would need to contact an estate agent to obtain valuations of similar properties that were sold in March 2020 to get this.   
2. As you inherited the property solely, no Inheritance Tax can be used to offset any gain.    
3. If no probate is showing this, then something supplied by the estate agent, on headed paper, would suffice.   
4. The UK does not have this exemption and you will be liable for Capital Gains Tax on any gain above the annual exempt amount.

Thank you.

Hi,

The due date for filing your return is 31 January 2024 for income received in 2022 to 2023.

Thank you.

Hi,

You need to tailor your return at section 3, page 3, to answer yes to making contributions. This then opens other boxes for you to declare the payments.

Thank you.

Hi,

This is just an advisory message, you can save and continue.

Thank you.

Hi,

As you added your wife, this is seen as gifting her 50 percent of the property. You are each therefore liable on 50 percent of any gain made. You can see guidance here:

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.