HMRC Admin 19 Response

Hi,

As the form should only be submitted once a pension is in payment, you will refer to the date the pension actually started, you do not need to declare every month paid.

Thank you.

Hi,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. You can see guidance here:

Tax on savings interest

Tax on dividends

Thank you.  

Hi,

You can see guidance here:

CRYPTO21250 - Cryptoassets for individuals: Income Tax: airdrops

Thank you.

Hi,

The starter rate band still falls within the basic rate band for this, but based on your figures, you still have the basic rate band to cover the taxable gain as the annual capital gain allowance would be deducted from the £40000 gain.

Thank you.

Hi,

The dividends are still taxable income and will be added to show this. However, further down the calculation, you should be able to see that the first £2000 is taxed at 0 percent and anything over this is then taxed according to the level of other income declared.

Thank you.

Hi,

Expenses need to be declared in the year that they are incurred and if this creates a loss, then the loss can then be carried forward to set against future profits from the same source of income.

Thank you.

Hi,

The mortgage relief is no longer an expense so does nOt affect any taxable profit received in respect of rental income. It is now given as a relief at 20%, restricted to any taxable profit declared, to reduce your tax bill only.

Thank you.

Hi,

The worksheet link is within the following guidance:

Relief for Foreign Tax Paid 2023 (HS263) Updated 6 April 2023

Thank you.

Hi,

HMRC cannot advise you on your residence status as this is for you to determine. However, as the period in question is for 2022 to 2023, this is in the past, so the reference to 'did' applies to the relevant period within 2022 to 2023.

Thank you.

Hi,

No, as this falls under capital gains.

Thank you.